110 HR 3525 IH: FACT Act Rulewriting U.S. House of Representatives 2007-09-14 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I 110th CONGRESS 1st Session H. R. 3525 IN THE HOUSE OF REPRESENTATIVES September 14, 2007 Mr. Frank of Massachusetts introduced the following bill; which was referred to the Committee on Financial Services A BILL To require rapid implementation of guidelines and regulations regarding the accuracy of consumer information furnished to consumer reporting agencies that were required to be established by the Fair and Accurate Credit Transactions Act of 2003 and have not been implemented, to provide that the Federal Trade Commission shall take the lead in implementation of the guidelines and regulations, and for other purposes.

1.

Short title

This Act may be cited as the FACT Act Rulewriting Improvement Act of 2007.

2.

Rapid implementation of requirements established under the Fair and Accurate Credit Transactions Act of 2003

(a)

Accuracy guidelines for furnishers of information

Section 623(e) of the Fair Credit Reporting Act (15 U.S.C. 1681s–2(e)) is amended— (1)in paragraph (1), by striking Federal banking agencies, the National Credit Union Administration, and the Commission shall, with respect to the entities that are subject to their respective enforcement authority under section 621, and in coordination as described in paragraph (2) and inserting the Commission, in consultation with the Federal banking agencies and the National Credit Union Administration, shall; (2)by striking paragraph (2) and inserting the following new paragraph: (2)

Guidelines and regulations

(A)

In general

The Federal banking agencies and the National Credit Union Administration shall establish and maintain guidelines and prescribe regulations, with respect to entities subject to their respective enforcement authority under section 621, that are the same or substantially similar to the guidelines established and maintained by the Commission under paragraph (1)(A) and the regulations prescribed by the Commission under paragraph (1)(B). (B)

Report on discrepancies

If there is any discrepancy between any guideline established by, or regulation prescribed by, the Commission under paragraph (1) and any guideline established by, or regulation prescribed by, any Federal banking agency or the National Credit Union Administration, as the case may be, under subparagraph (A), the agency or Administration shall submit a report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate containing an explanation for the discrepancy before the end of the 90-day period beginning on the date the guideline was established or the regulation was prescribed in final form by such agency or Administration. ; and (3)in paragraph (3), by striking in paragraph (1) and inserting in paragraphs (1) and (2). (b)

Ability of consumer To dispute information directly with furnisher

Section 623(a)(8) of the Fair Credit Reporting Act (15 U.S.C. 1681s–2(a)(8)) is amended— (1)in subparagraph (A), by striking Federal banking agencies, the National Credit Union Administration, and the Commission shall jointly prescribe and inserting Commission, in consultation with the Federal banking agencies and the National Credit Union Administration, shall prescribe; (2)by adding at the end the following new subparagraph: (H)

Regulations

(i)

In general

The Federal banking agencies and the National Credit Union Administration shall prescribe regulations, with respect to entities subject to their respective enforcement authority under section 621, that are the same or substantially similar to the regulations prescribed by the Commission under subparagraph (A). (ii)

Report on discrepancies

If there is any discrepancy between any regulation prescribed by the Commission under subparagraph (A) and any regulation prescribed by any Federal banking agency or the National Credit Union Administration under clause (i), the agency or Administration shall submit a report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate containing an explanation for the discrepancy before the end of the 90-day period beginning on the date the regulation was prescribed in final form by such agency or Administration. ; and (3)in subparagraphs (B) and (C), by inserting or (H) after under subparagraph (A), each place such term appears. (c)

Prompt implementation

(1)

Commission

The guidelines required under section 623(e)(1)(A) of the Fair Credit Reporting Act and the regulations required under subsections (a)(8)(A) and (e)(1)(B) of section 623 of such Act (as amended by this section) shall be established or prescribed in final form before the end of the 90-day period beginning on the date of the enactment of this Act. (2)

Banking agencies and ncua

The guidelines required under section 623(e)(2) of the Fair Credit Reporting Act and the regulations required under subsections (a)(8)(H) and (e)(2) of section 623 of such Act (as amended by this section) shall be established or prescribed in final form before the end of the 30-day period beginning on the date of final action by the Federal Trade Commission in accordance with paragraph (1).