OCC 2005-7  
OCC BULLETIN  

Subject:      Fair Credit Reporting Act (FCRA)
Description:  Final Rule: Prescreen Opt-Out Disclosure

Date:         March 24, 2005

TO:  Chief Executive Officers and Compliance Officers of All
     National Banks, Department and Division Heads, and All
     Examining Personnel


The Federal Trade Commission (FTC) published the attached final
rule in the Federal Register on January 31, 2005.  The final rule
seeks to improve the required notice to consumers regarding their
right to opt out of prescreened solicitations for credit or
insurance.  The final rule becomes effective on August 1, 2005.

Section 615(d) of the Fair Credit Reporting Act (FCRA) requires,
among other things, that prescreened solicitations sent to
consumers contain a notice with information about the offer and
instructions on how consumers can opt out of receiving future
prescreened offers by calling a toll-free number or writing to a
specified address.  Section 213(a) of the Fair and Accurate
Credit Transactions Act of 2003 (FACT Act) amends section 615(d)
of FCRA to require that the notice be presented in such a format
as to be simple and easy to understand, as established by the
FTC, by rule, in consultation with the federal banking agencies
and the National Credit Union Administration.

The final rule requires that each prescreened offer contain a
short statement (short notice) that provides basic opt-out
information, a toll-free number to call to opt out, and a
separate longer statement (long notice) that provides additional
information.  The final rule also establishes criteria relating
to location, type size, manner of presentation, and other matters
for both the short and long notices.  The final rule also sets
forth model notices in English and Spanish.

Questions concerning this final rule may be directed to your
supervisory office or to Carol Turner, compliance specialist,
Compliance Department, at (202) 874-4428.



_____________________________
Ann F. Jaedicke
Deputy Comptroller for Compliance


Attachment:  70 FR 5021
          [http://www.occ.treas.gov/fr/fedregister/70fr5021.pdf]