Legal and Regulatory:
Part 41 (Proposed) - Fair Credit Reporting Regulations

Joint notice of proposed rulemaking; update [66 FR 16624 (March 27, 2001)]

SUMMARY: The OCC, Board, FDIC, and OTS (Agencies) have published for comment proposed regulations implementing the provisions of the Fair Credit Reporting Act (FCRA) that permit institutions to communicate consumer information to their affiliates (affiliate information sharing) without incurring the obligations of consumer reporting agencies. Many of the comments have raised concerns about how this rulemaking would affect compliance with the final regulations implementing the privacy provisions of the Gramm-Leach-Bliley Act (GLBA). The final FCRA rule will not apply to privacy notices that an institution will have sent prior to January 1, 2002, or prior to the effective date of a final FCRA rule, whichever is later. The Agencies advise financial institutions to prepare their privacy notices in accordance with the privacy regulations and the FCRA without delaying compliance until publication of the final FCRA rule, and provide an update on the status of the rulemaking.

Joint notice of proposed rulemaking [65 FR 63119 (October 20, 2000)]

SUMMARY: The OCC, Board, FDIC, and OTS (Agencies) are publishing for comment proposed regulations implementing the provisions of the Fair Credit Reporting Act (FCRA) that permit institutions to communicate consumer information to their affiliates (affiliate information sharing) without incurring the obligations of consumer reporting agencies. These provisions authorize institutions to communicate among their affiliates: Information as to transactions or experiences between the consumer and the person making the communication (transaction or experience information); and ``other'' information (that is, information covered by the FCRA but not transaction or experience information), provided that the institution has given notice to the consumer that the other information may be communicated, the institution has provided the consumer an opportunity to ``opt out'' (i.e., to direct that the information not be communicated), and the consumer has not opted out. The proposed regulations explain how to comply with the affiliate information sharing provisions; addressing such matters as the content and delivery of the notice to consumers that ``other'' information may be communicated (opt out notice). The proposed regulations also implement certain related provisions. The Agencies have attempted to conform these proposed regulations to the final regulations implementing the privacy provisions of the Gramm-Leach-Bliley Act whenever feasible.