WBK Industry News - Federal Regulatory Developments

FTC Seeks Input Regarding Five Proposed Fair Credit Reporting Act Rules

As of last week, the FTC has issued five separate Notices of Proposed Rule Making (NPRMs) to be published in the Federal Register, seeking comments and proposed changes to be made to bring facets of FCRA into compliance with the Dodd-Frank Act.

Each of these NPRMs, which include the Address Discrepancy NPRM, the Affiliate Marketing NPRM, the Furnisher NPRM, the Pre-screen Opt-Out Notice NPRM, and the Risk-Based Pricing NPRM, propose technical corrections to the corresponding already-existing rules to reflect that, because of the Dodd-Frank Act, the FTC’s jurisdiction with regard to the already-existing rules only extends to motor vehicle dealers.

As it relates to each rule, the FTC further seeks input about whether there is a continuing need for specific provisions of each rule, the benefits each rule has provided to consumers, what modifications should be made to each rule to benefit consumers and businesses, and finally what changes should be made to each rule to account for developments in relevant technology or economic conditions.

Comments will be due to the FTC 75 days after the NPRMs are published in the Federal Register.