FACT Act regs, guidelines out for comment

Nov. 30, 2007—Proposed regulations and guidelines on the accuracy of credit report information and direct disputes of report information were released jointly by NCUA, the Federal Trade Commission and the federal bank and thrift regulators Thursday.

NCUA’s board approved the release in a notation vote Nov. 5. The provisions are expected to be published soon in the Federal Register with a 60-day comment period.

The proposed regs and guidelines would implement section 312 of the 2003 Fair and Accurate Credit Transactions Act. They are the last regulatory measures awaiting final action under the statute.

The law requires agencies to provide credit unions, banks, thrifts and any other furnisher of credit report information guidelines that address the accuracy and integrity of the information they provide. Rules are required on the establishment of related policies and procedures and on consumers’ ability to dispute certain credit report inaccuracies directly with the institutions that provided the data.

An advance notice of proposed rulemaking was issued last year; NAFCU, in its comment, said the direct dispute provisions could delay resolutions of report errors.

NAFCU is preparing an online Regulatory Alert for members. For the agencies’ Federal Register notice (191 pages), use the link below.