Comptroller of the Currency
Administrator of National Banks

The attached final rules and guidelines, as well as the related advance notice of proposed rulemaking, which were published in the Federal Register on July 1, 2009, implement 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 publishing guidelines regarding the accuracy and integrity of information about consumers for use by entities that furnish such information (furnishers) to credit bureaus and other consumer reporting agencies. Concurrent with publication of final guidelines, the agencies are publishing an advance notice of proposed rulemaking to obtain more information to aid in considering possible additions to the guidelines.

The agencies also are publishing final regulations that will require furnishers to establish reasonable policies and procedures for implementing the aforementioned guidelines.

Finally, also as required by section 312, the agencies are publishing a final rule that identifies circumstances under which a furnisher must investigate a dispute concerning the accuracy of information contained in a consumer report, based on the direct request of the consumer.

A copy of the final rules and guidelines, as well as the advance notice of proposed rulemaking, can be obtained at the Web site addresses noted below. The comment period for this advance notice of proposed rulemaking ends on August 31, 2009.

For questions concerning this rulemaking, 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 Malloy Harris, National Bank Examiner, Compliance Policy Division at (202) 874-4428.