[Federal Register Volume 81, Number 223 (Friday, November 18, 2016)]
[Notices]
[Pages 81745-81746]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-27735]


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BUREAU OF CONSUMER FINANCIAL PROTECTION


Fair Credit Reporting Act Disclosures

AGENCY: Bureau of Consumer Financial Protection.

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

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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 remain unchanged at $12.00, effective 
for 2017. 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 for All 
Urban Consumers (CPI-U), with fractional changes rounded to the nearest 
fifty cents. The CPI-U increased 49.77 percent between September 1997, 
when the FCRA amendments took effect, and September 2016. This increase 
in the CPI-U, and the requirement that any increase be rounded to the 
nearest fifty cents, result in a maximum allowable charge of $12.00.

DATES: Effective January 1, 2017.

FOR FURTHER INFORMATION CONTACT: Jaclyn Maier, Counsel, Office of 
Regulations, Consumer Financial Protection Bureau, 1700 G Street NW., 
Washington, DC 20552, at (202) 435-7700.

SUPPLEMENTARY INFORMATION: Section 612(f)(1)(A) of the Fair Credit 
Reporting Act (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. 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

[[Page 81746]]

January 1 of each year, based proportionally on changes in the Consumer 
Price Index, with fractional changes rounded to the nearest fifty 
cents. The Bureau's calculations are based on the CPI-U, which is the 
most general Consumer Price Index and covers all urban consumers and 
all items.
    Section 612(a) of the FCRA gives consumers the right to a free 
disclosure upon request 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 section 
612(a) was September 30, 1997, the Bureau calculated the proportional 
increase in the CPI-U from September 1997 to September 2016. The Bureau 
then determined what modification, if any, from the original base of 
$8.00 should be made effective for 2017, given the requirement that 
fractional changes be rounded to the nearest fifty cents.
    Between September 1997 and September 2016, the CPI-U increased by 
49.77 percent from an index value of 161.2 in September 1997 to a value 
of 241.428 in September 2016. An increase of 49.77 percent in the $8.00 
base figure would lead to a figure of $11.98. However, because the 
statute directs that the resulting figure be rounded to the nearest 
$0.50, the maximum allowable charge is $12.00. The Bureau therefore 
determines that the maximum allowable charge for the year 2017 will 
remain at $12.00, effective January 1, 2017.

    Dated: November 8, 2016.
Richard Cordray,
Director, Bureau of Consumer Financial Protection.
[FR Doc. 2016-27735 Filed 11-17-16; 8:45 am]
 BILLING CODE 4810-AM-P