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OCC Bulletin 2008-28 | October 15, 2008

Fair Credit Reporting Act (FCRA): Additions to FCRA Examination Procedures


Chief Executive Officers and Compliance Officers of All National Banks, Department and Division Heads, and All Examining Personnel

The guidance attached to this bulletin continues to apply to federal savings associations.

The Office of the Comptroller of the Currency (OCC) is issuing new Fair Credit Reporting Act (FCRA) examination procedures for rules addressing affiliate marketing, identity-theft red flags, and address discrepancies. These new examination procedures are additions to the existing FCRA procedures contained in OCC Bulletin 2006-49. The new examination procedures address three sections of the FCRA.

Section 624 has been added to Module 2 of the existing examination procedures. This section pertains to affiliate marketing and opt-out notices to limit solicitations (12 CFR 41.20 – 41.28). The mandatory compliance date for these rules is October 1, 2008.

Section 605(h) has been added to Module 4 of the existing procedures, and section 615(e) has been added to Module 5. Section 605(h) pertains to duties of users of credit reports regarding address discrepancies (12 CFR 41.82), and section 615(e) pertains to duties regarding the detection, prevention, and mitigation of identity theft and duties of card issuers regarding changes of address (12 CFR 41.90 and 41.91 respectively). The mandatory compliance date for these rules is November 1, 2008.

The OCC plans to incorporate the new examination procedures in an update to the Comptroller's Handbook series when all of the FCRA examination procedures have been completed. Until the revised handbook is issued, examiners will use the attached FCRA examination procedures, as appropriate. This issuance replaces and rescinds OCC Bulletin 2006-49. Questions about the Fair Credit Reporting Act and these examination procedures may be directed to your supervisory office or the Compliance Policy Department at (202) 649-5470.

Ann F. Jaedicke
Deputy Comptroller for Compliance Policy

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