[Federal Register Volume 77, Number 64 (Tuesday, April 3, 2012)]
[Notices]
[Pages 20011-20012]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-7916]


=======================================================================
-----------------------------------------------------------------------

BUREAU OF CONSUMER FINANCIAL PROTECTION

[Docket No. CFPB-2012-0014]
RIN 3170-AA06


Fair Credit Reporting Act Disclosures

AGENCY: Bureau of Consumer Financial Protection.

ACTION: Notice regarding charges for certain disclosures under the Fair 
Credit Reporting Act.

-----------------------------------------------------------------------

SUMMARY: The Bureau of Consumer Financial Protection (``Bureau'') 
announces that the ceiling on allowable charges under Section 612(f) of 
the Fair Credit Reporting Act (``FCRA'') will increase from $11.00 to 
$11.50 effective April 3, 2012. The Bureau is required to increase the 
$8.00 amount referred to in Section 612(f)(1)(A)(i) of the FCRA on 
January 1 of each year, based proportionally on changes in the Consumer 
Price Index (``CPI''), with fractional changes rounded to the nearest 
fifty cents. The CPI increased 40.75 percent between September 1997, 
the date the FCRA amendments took effect, and September 2011. This 
increase in the CPI, and the requirement that any increase be rounded 
to the nearest fifty cents, results in a maximum allowable charge of 
$11.50.

DATES: Effective April 3, 2012.

FOR FURTHER INFORMATION CONTACT: Michael G. Silver, Counsel, Office of 
Regulations, Bureau of Consumer Financial Protection, 202-435-7700.

SUPPLEMENTARY INFORMATION: Section 612(f)(1)(A) of the Fair Credit 
Reporting Act (the ``FCRA'') provides that a consumer reporting agency 
may charge a consumer a reasonable amount for making a disclosure to 
the consumer pursuant to Section 609 of the FCRA.\1\ Section 
612(f)(1)(A)(i) of the FCRA provides that, where a consumer reporting 
agency is permitted to impose a reasonable charge on a consumer for 
making a disclosure to the consumer pursuant to Section 609 of the 
FCRA, the charge shall not exceed $8.00 and shall be indicated to the 
consumer before making the disclosure. Section 612(f)(2) of the FCRA 
states that the Bureau shall increase the $8.00 maximum amount on 
January 1 of each year, based proportionally on changes in the Consumer 
Price Index, with fractional changes rounded to the nearest fifty 
cents. In 2011, the responsibility for performing this task was 
transferred from the Federal Trade Commission to the Bureau pursuant to 
the Dodd-Frank Wall Street Reform and Consumer Protection Act of 
2010.\2\
---------------------------------------------------------------------------

    \1\ This provision, originally Section 612(a), was added to the 
FCRA in September 1996 and became effective in September 1997. It 
was relabeled Section 612(f) by Section 211(a)(1) of the Fair and 
Accurate Credit Transactions Act of 2003 (``FACT Act''), Public Law 
108-159, which was signed into law on December 4, 2003.
    \2\ Public Law 111-203, Title X, Section 1088.
---------------------------------------------------------------------------

    Section 211(a)(2) of the Fair and Accurate Credit Transactions Act 
of 2003 (``FACT Act'') added a new Section 612(a) to the FCRA that 
gives consumers the right to request free annual disclosures once every 
12 months. The maximum allowable charge established by this notice does 
not apply to requests made under that provision. The charge does apply 
when a consumer who orders a file disclosure has already received a 
free annual disclosure and does not otherwise qualify for an additional 
free disclosure.
    The Bureau is using the $8.00 amount set forth in Section 
612(f)(1)(A)(i) of the FCRA as the baseline for its calculation of the 
increase in the ceiling on reasonable charges for certain disclosures 
made under Section 609 of the FCRA. Since the effective date of the 
amended FCRA was September 30, 1997, the Bureau calculated the 
proportional increase in the Consumer Price Index (using the most 
general CPI, which is for all urban consumers, all items) from 
September 1997 to September 2011. The Bureau then determined what 
modification, if any, from the original base of $8.00 should be made 
effective for 2012, given the requirement that fractional changes be 
rounded to the nearest fifty cents.
    Between September 1997 and September 2011, the Consumer Price Index 
for all urban consumers and all items increased by 40.75 percent--from

[[Page 20012]]

an index value of 161.2 in September 1997 to a value of 226.889 in 
September 2011. An increase of 40.75 percent in the $8.00 base figure 
would lead to a new figure of $11.26. However, because the statute 
directs that the resulting figure be rounded to the nearest $0.50, the 
maximum allowable charge is $11.50. The Bureau therefore determines 
that the maximum allowable charge for the year 2012 will be $11.50, 
effective April 3, 2012.

    Dated: March 26, 2012.
Richard Cordray,
Director, Bureau of Consumer Financial Protection.
[FR Doc. 2012-7916 Filed 4-2-12; 8:45 am]
BILLING CODE 4810-AM-P