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FACT Act Proposed Rules Begin Rolling Out

WASHINGTON-Though NCUA postponed a proposed rule regarding negative information reporting disclosures last month, other agencies have begun issuing proposals concerning other parts of the Fair and Accurate Credit Transactions Act. The Federal Trade Commission has requested comments by April 16 on their proposed rule regarding the establishment of a centralized...

By Sarah Snell Cooke | Updated on March 30, 2004

WASHINGTON-Though NCUA postponed a proposed rule regarding negative information reporting disclosures last month, other agencies have begun issuing proposals concerning other parts of the Fair and Accurate Credit Transactions Act. The Federal Trade Commission has requested comments by April 16 on their proposed rule regarding the establishment of a centralized source for consumers to request their free annual credit reports through the national credit reporting bureaus. FTC’s proposal requires a standardized form for such requests and includes a model form. Access to this clearinghouse must be available through a Web site, toll-free number, and postal address under the proposed rule. Additionally, the centralized source would not have to be available to all consumers by the rules Dec. 1 effective date, but rather on a rolling basis from West to East Coast to ensure a smoother transition. The Treasury Department issued a notice and request for comments March 2 regarding a study it will conduct regarding the use of biometrics and other technologies in the battle against identity theft, a key portion of the FACT Act. Treasury asked for comments across eight areas, including the range of biometric solutions the private sector could use to reduce the incidence and cost of identity theft and the risks associated with biometrics. Comments are due to Treasury by April 2. At NCUA’s March board meeting, officials said they expected the proposed rule regarding negative information reporting disclosures out shortly and a proposal on medical information privacy, as it relates to the FACT Act, out in early April. -

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