OCC 2006-18
OCC Bulletin  

    Subject:  Fair and Accurate Credit Transactions Act,
              Section 312
Description:  Advance Notice of Proposed Rulemaking

       Date:  April 13, 2006

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

On March 22, 2006, the Office of the Comptroller of the Currency,
the Federal Deposit Insurance Corporation, the Board of Governors
of the Federal Reserve System, the Office of Thrift Supervision,
the Federal Trade Commission, and the National Credit Union
Administration (agencies) jointly published in the Federal Register
an advance notice of proposed rulemaking (ANPR) to gather
information for developing guidelines and regulations required by
section 312 of the Fair and Accurate Credit Transactions Act of
2003 (FACT Act).

Pursuant to section 312, the agencies, acting in consultation and
coordination, must: (1) establish guidelines for persons that
furnish information to consumer reporting agencies (furnishers)
regarding the accuracy and integrity of the consumer information
that they furnish; and (2) prescribe regulations that require
furnishers to establish reasonable policies and procedures for
implementing the guidelines.  Section 312 also requires the
agencies jointly to prescribe regulations that identify the
circumstances under which a furnisher will be required to
reinvestigate a dispute concerning the accuracy of information
contained in a consumer report based on a direct request of the
consumer.

Comments on the ANPR must be submitted by May 22.

If you have questions about this ANPR, please contact Paul
Utterback, national bank examiner, Compliance Policy, at (202)
874-4428; Stephen Van Meter, assistant director, Community and
Consumer Law Division, at (202) 874-5750; or Patrick Tierney,
senior attorney, Legislative and Regulatory Activities Division,
at (202) 874-5090.




Julie L. Williams
First Senior Deputy Comptroller and Chief Counsel



Attachment - 71 FR 14419
[http://www.occ.treas.gov/fr/fedregister/71fr14419.pdf]