Regulatory Alerts2012-06-01
Revised Interagency Examination Procedures for the Fair Credit Reporting Act
The Federal Reserve, FTC, and CFPB issued revised interagency examination procedures to guide regulators in assessing compliance with the Fair Credit Reporting Act. The document details specific disclosure requirements for adverse actions and risk-based pricing notices, including mandates for providing credit scores and key factors to consumers. It further defines operational methods for determining materially less favorable credit terms and outlines the necessary content for various regulatory notices.
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