Comptroller of the Currency
Administrator of National Banks

The attached Notice of Proposed Rulemaking, which was published in the Federal Register on December 13, 2007, implements section 312 of the Fair and Accurate Credit Transactions Act of 2003 (FACT Act). 

As required by section 312, the Office of the Comptroller of the Currency, the Federal Reserve Board, the Federal Deposit Insurance Corporation, the Office of Thrift Supervision, the National Credit Union Administration, and the Federal Trade Commission (agencies) are proposing guidelines regarding the accuracy and integrity of information about consumers for use by entities that furnish such information to a consumer reporting agency. The agencies also are proposing regulations that would require each such entity to establish reasonable policies and procedures for implementing the guidelines.

Additionally, the proposed rule would identify the circumstances under which a furnisher is required to investigate a dispute concerning the accuracy of information contained in a consumer report, based on a direct request of the consumer.

A copy of the proposal can be obtained at the Web site address noted below. The comment period for this proposal ends on February 11, 2008.

For questions concerning this proposed rule, contact Michael Bylsma, Director, Community and Consumer Law at (202) 874-5750; Patrick T. Tierney, Senior Attorney, Legislative and Regulatory Activities Division at (202) 874-5090; or Paul Utterback, Compliance Specialist, Compliance Policy Division at (202) 874-4428.

/signed/                                                 Julie L. Williams First Senior Deputy Comptroller and Chief Counsel

Attachment:   Notice of Proposed Rulemaking

                        [http://www.occ.treas.gov/fr/fedregister/72fr70944.pdf]