[Federal Register Volume 77, Number 220 (Wednesday, November 14, 2012)]
[Rules and Regulations]
[Pages 67744-67763]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-27581]


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BUREAU OF CONSUMER FINANCIAL PROTECTION

12 CFR Part 1022

[Docket No. CFPB-2012-0041]
RIN 3170-AA06


Fair Credit Reporting (Regulation V); Correction

AGENCY: Bureau of Consumer Financial Protection.

ACTION: Correcting amendments.

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SUMMARY: Pursuant to the Dodd-Frank Wall Street Reform and Consumer 
Protection Act (Dodd-Frank Act) and the Fair Credit Reporting Act 
(FCRA), as amended, the Bureau of Consumer Financial Protection 
(Bureau) published for public comment an interim final rule 
establishing a new Regulation V (Fair Credit Reporting) on December 21, 
2011. This document corrects typographical and other technical errors 
in Appendices I, K, M, and N of the interim final rule, which contain 
model forms.

DATES: These corrections are effective November 14, 2012.

FOR FURTHER INFORMATION CONTACT: Monica Jackson, Bureau of Consumer 
Financial Protection, 1700 G Street NW., Washington, DC 20552, at (202) 
435-7000.

SUPPLEMENTARY INFORMATION: 

I. Background

    On December 21, 2011, the Bureau published in the Federal Register 
an interim final rule with request for public comment (76 FR 79307) 
establishing 12 CFR part 1022, Fair Credit Reporting (Regulation V), 
which implements the provisions of the FCRA for which the Bureau has 
rulemaking authority pursuant to the Dodd-Frank Act. The interim final 
rule includes, among other things, model forms in Appendices I (Summary 
of Consumer Identity Theft Rights), K (Summary of Consumer Rights), M 
(Notice of Furnisher Responsibilities), and N (Notice of User 
Responsibilities). As discussed in the SUPPLEMENTARY INFORMATION to the 
interim final rule, Appendices I, K, M, and N of the interim final rule 
were intended to substantially duplicate the Federal Trade Commission's 
(FTC's) Appendices E, F, G, and H to 16 CFR part 698, respectively, 
with only certain non-substantive, technical, formatting, and stylistic 
changes. The model forms in Appendices I, K, M, and N to the Bureau's 
interim final rule contain several typographical or other technical 
errors. This document corrects those errors and more closely conforms 
the

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formatting of the Bureau's Appendices to those of the FTC.
    Among the corrections are the following: Appendix I contained 
several erroneous references to the FTC and its Web site, which have 
been updated in this document to refer to the Bureau and its Web site. 
The addresses in Appendix K for contacting the Assistant General 
Counsel for Aviation Enforcement and Proceedings and the Surface 
Transportation Board have been updated. Typographical errors in the 
Spanish language translation at the top of Appendices I and K have also 
been corrected. Appendices M and N have been updated to reflect the 
promulgation of guidelines and regulations addressing certain 
obligations of furnishers and users of consumer reports.
    To mitigate the impact of these changes on users of the model forms 
in the Bureau's Appendices I, K, M, and N published December 21, 2011, 
the Bureau will regard the use of those model forms to constitute 
compliance with the FCRA provisions requiring such forms and will 
regard those forms to be substantially similar to the corrected forms 
published today, until further notice. The Bureau anticipates providing 
that further, notice along with ample time to allow for the orderly 
discontinuation of the December 21, 2011 model forms, when it issues a 
final rule to restate Regulation V in 2013.

II. Basis for the Corrections

    In issuing the Bureau's Regulation V as an interim final rule, the 
Bureau found good cause to conclude that providing notice and 
opportunity for comment was unnecessary and contrary to the public 
interest. See 76 FR 79308, 79310 (Dec. 21, 2011). The Bureau also finds 
that there is good cause to publish these corrections without seeking 
public comment. See 5 U.S.C. 553(b)(B). Public comment is unnecessary 
because the Bureau is correcting inadvertent, technical errors about 
which there is minimal, if any, basis for substantive disagreement.
    The Bureau also finds good cause to dispense with a 30-day delay of 
effective date. See 5 U.S.C. 553(d). The Bureau believes that a delay 
is unnecessary and contrary to the public interest because the Bureau 
is merely making technical corrections to existing model forms. The 
Bureau will continue to regard the use of the model forms in the 
Bureau's Appendices I, K, M, and N published December 21, 2011, to 
constitute compliance with the FCRA provisions requiring such forms and 
will regard those forms to be substantially similar to the corrected 
forms published today, until further notice.

List of Subjects in 12 CFR Part 1022

    Banks, Banking, Consumer protection, Credit unions, Fair Credit 
Reporting Act, Holding companies, National banks, Privacy, Reporting 
and recordkeeping requirements, Savings associations, State member 
banks.

    Accordingly, 12 CFR part 1022 is amended by making the following 
corrections:

PART 1022--FAIR CREDIT REPORTING (REGULATION V)

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1. The authority citation for part 1022 continues to read as follows:

    Authority:  12 U.S.C. 5512, 5581; 15 U.S.C. 1681a, 1681b, 1681c, 
1681c-1, 1681e, 1681g, 1681i, 1681j, 1681m, 1681s, 1681s-2, 1681s-3, 
and 1681t; Sec. 214, Public Law 108-159, 117 Stat. 1952.


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2. Revise Appendix I to read as follows:

Appendix I to Part 1022--Summary of Consumer Identity Theft Rights

    The prescribed form for this summary is a disclosure that is 
substantially similar to the Bureau's model summary with all 
information clearly and prominently displayed. A summary should 
accurately reflect changes to those items that may change over time 
(such as telephone numbers) to remain in compliance. Translations of 
this summary will be in compliance with the Bureau's prescribed 
model, provided that the translation is accurate and that it is 
provided in a language used by the recipient consumer.
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3. Revise Appendix K to read as follows:

Appendix K to Part 1022--Summary of Consumer Rights

    The prescribed form for this summary is a disclosure that is 
substantially similar to the Bureau's model summary with all 
information clearly and prominently displayed. The list of Federal 
regulators that is included in the Bureau's prescribed summary may 
be provided separately so long as this is done in a clear and 
conspicuous way. A summary should accurately reflect changes to 
those items that may change over time (e.g., dollar amounts, or 
telephone numbers and addresses of Federal agencies) to remain in 
compliance. Translations of this summary will be in compliance with 
the Bureau's prescribed model, provided that the translation is 
accurate and that it is provided in a language used by the recipient 
consumer.

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4. Revise Appendix M to read as follows:

Appendix M to Part 1022--Notice of Furnisher Responsibilities

    The prescribed form for this disclosure is a separate document 
that is substantially similar to the Bureau's model notice with all 
information clearly and prominently displayed. Consumer reporting 
agencies may limit the disclosure to only those items that they know 
are relevant to the furnisher that will receive the notice.

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5. Revise Appendix N to read as follows:

Appendix N to Part 1022--Notice of User Responsibilities

    The prescribed form for this disclosure is a separate document 
that is substantially similar to the Bureau's notice with all 
information clearly and prominently displayed. Consumer reporting 
agencies may limit the disclosure to only those items that they know 
are relevant to the user that will receive the notice.

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    Dated: October 31, 2012.
Richard Cordray,
Director, Bureau of Consumer Financial Protection.
[FR Doc. 2012-27581 Filed 11-13-12; 8:45 am]
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