June 10, 2009
OCC Approves Final Rules and Guidelines Implementing Accuracy and Integrity Provisions of the FACT Act
WASHINGTON — The Office of the Comptroller of the Currency (OCC) has approved for publication in the Federal Registerfinal rules and guidelines, which implement section 312 of the Fair and Accurate Credit Transactions Act of 2003 (FACT Act) regarding the accuracy and integrity of information furnished to consumer reporting agencies.
As required by the FACT Act, the OCC, together with the other Federal banking agencies, the National Credit Union Administration, and the Federal Trade Commission, will soon publish in the Federal Register final rules and guidelines regarding the accuracy and integrity of information about consumers that financial institutions and other businesses furnish to consumer reporting agencies. The final rules will also implement a provision of the FACT Act that provides consumers with a broad right to directly dispute inaccurate consumer report information. Concurrent with the issuance of the final rules and guidelines, the agencies plan to issue an advance notice of proposed rulemaking to obtain more information to aid in considering possible additions to the guidelines.
Links to the final rules and guidelines and the advance notice of proposed rulemaking appear below.