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Board of Governors of the Federal Reserve System

Consumer Affairs Letters

CA 12-5

Revised Interagency Examination Procedures for the Fair Credit Reporting Act

June 1, 2012

Seal of the Board of Governors of the Federal Reserve System
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON, D. C.  20551
DIVISION OF CONSUMER
AND COMMUNITY AFFAIRS
CA 12-5
June 1, 2012
TO THE OFFICERS AND MANAGERS IN CHARGE OF CONSUMER AFFAIRS SECTIONS
SUBJECT:   Revised Interagency Examination Procedures for the Fair Credit Reporting Act
The Task Force on Consumer Compliance of the Federal Financial Institutions Examination Council recently approved the attached revised Fair Credit Reporting Act (FCRA) examination module. 1 This revised FCRA examination module supersedes the examination module transmitted with CA Letter 10-14.

The revised examination module reflects recent amendments to the FCRA pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). The Dodd-Frank Act revised sections 615(a) and 615(h) of the FCRA to require disclosure of credit scores and information relating to credit scores in: (1) adverse action notices if a consumer's credit score is used iri taking adverse action; and (2) risk-based pricing notices if a consumer's credit score is used iri setting the material terms of credit. These amendments to the FCRA were effective July 21, 2011 . The revised examination module also reflects amendments to Regulation V 2 that are consistent with the risk-based pricing amendments to the FCRA. Effective August 15, 2011, these amendments revised the content requirements for risk-based pricing notices and added model forms H-6 and H-7 that reflect the credit score disclosure requirements.

If you have any questions, please contact Amal Patel, Senior Supervisory Consumer Financial Services Analyst, at (202) 912-7879, or Paul Robin, Manager, Reserve Bank Oversight/Community Banking Organization Supervision, at (202) 452-3140.

signed by
Sandra F. Braunstein
Director
Division of Consumer and Community Affairs


Supersedes:
CA Letter 10-14 "Interagency Examination Procedures for the Regulation on Risk Based Pricing Notices" (December 2, 2010)
Cross References:
CA 06-10 "Updated Examination Procedures for the Fair Credit Reporting Act" (May 16, 2006)
 
Notes:
1. The revised examination module will be consolidated into Module 3 (Disclosures to Consumers and Miscellaneous Requirements) of the FCRA chapter of the Consumer Compliance Handbook at a later date. Please note that FCRA examination procedures govern provisions required either by statute (FCRA) or regulation (Regulation V). Thus, examination reports (and NED data entry) should reflect the appropriate statutory or regulatory cite. Return to text

2. On July 21, 2011, rulemaking authority under FCRA (except for section 615(e) (red flag guidelines and regulation) and section 628 (disposal of records)) was transferred to the Consumer Financial Protection Bureau (CFPB). On December 21, 2011, the CFPB published an interim final rule restating the FCRA regulations under its authority (76 Fed. Reg. 79308). The interim final rule did not impose any new substantive obligations on persons subject to existing FCRA regulations. It also preserved the numbering of the Board's Regulation V in a new part of the Code of Federal Regulations (12 CFR part 1022). Return to text

Last update: June 5, 2012