[Federal Register Volume 85, Number 247 (Wednesday, December 23, 2020)]
[Rules and Regulations]
[Pages 83749-83751]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-28409]


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BUREAU OF CONSUMER FINANCIAL PROTECTION

12 CFR Part 1022


Fair Credit Reporting Act Disclosures

AGENCY: Bureau of Consumer Financial Protection.

ACTION: Final rule; official interpretation.

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SUMMARY: The Bureau of Consumer Financial Protection (Bureau) is 
issuing this final rule amending an appendix for Regulation V, which 
implements the Fair Credit Reporting Act (FCRA). The Bureau is required 
to calculate annually the dollar amount of the maximum allowable charge 
for disclosures by a consumer reporting agency to a consumer pursuant 
to FCRA section 609; this final rule establishes the maximum allowable 
charge for the 2021 calendar year.

DATES: This final rule is effective January 1, 2021.

FOR FURTHER INFORMATION CONTACT: Willie Williams, Paralegal Specialist; 
Rachel Ross, Attorney-Advisor; Office of Regulations, at (202) 435-
7700. If you require this document in an alternative electronic format, 
please contact [email protected].

SUPPLEMENTARY INFORMATION: The Bureau is amending appendix O for 
Regulation V, which implements the FCRA, to establish the maximum 
allowable charge for disclosures by a consumer reporting agency to a 
consumer for 2021. The maximum allowable charge will be $13.00 for 
2021.

I. Background

    Under section 609 of the FCRA, a consumer reporting agency must, 
upon a consumer's request, disclose to the consumer information in the 
consumer's file.\1\ Section 612(a) of the FCRA gives consumers the 
right to a free file disclosure upon request once every 12 months from 
the nationwide consumer reporting agencies and nationwide specialty 
consumer reporting agencies.\2\ Section 612 of the FCRA also gives 
consumers the right to a free file disclosure under certain other, 
specified

[[Page 83750]]

circumstances.\3\ Where the consumer is not entitled to a free file 
disclosure, section 612(f)(1)(A) of the FCRA provides that a consumer 
reporting agency may impose a reasonable charge on a consumer for 
making a file disclosure. Section 612(f)(1)(A) of the FCRA provides 
that the charge for such a disclosure shall not exceed $8.00 and shall 
be indicated to the consumer before making the file disclosure.\4\
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    \1\ 15 U.S.C. 1681g.
    \2\ 15 U.S.C. 1681j(a).
    \3\ 15 U.S.C. 1681j(b)-(d). The maximum allowable charge 
announced by the Bureau does not apply to requests made under 
section 612(a)-(d) of the FCRA. The charge does apply when a 
consumer who orders a file disclosure has already received a free 
annual file disclosure and does not otherwise qualify for an 
additional free file disclosure.
    \4\ 15 U.S.C. 1681j(f)(1)(A).
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    Section 612(f)(2) of the FCRA also states that the $8.00 maximum 
amount shall increase on January 1 of each year, based proportionally 
on changes in the Consumer Price Index, with fractional changes rounded 
to the nearest fifty cents.\5\ Such increases are based on the Consumer 
Price Index for All Urban Consumers (CPI-U), which is the most general 
Consumer Price Index and covers all urban consumers and all items.
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    \5\ 15 U.S.C. 1681j(f)(2).
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II. Adjustment

    For 2021, the ceiling on allowable charges under section 612(f) of 
the FCRA will be $13.00, an increase of fifty cents from 2020. 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 2020. The Bureau then 
determined what modification, if any, from the original base of $8.00 
should be made effective for 2021, given the requirement that 
fractional changes be rounded to the nearest fifty cents.
    Between September 1997 and September 2020, the CPI-U increased by 
61.464 percent from an index value of 161.2 in September 1997 to a 
value of 260.28 in September 2020. An increase of 61.464 percent in the 
$8.00 base figure would lead to a figure of $12.92. However, because 
the statute directs that the resulting figure be rounded to the nearest 
$0.50, the maximum allowable charge is $13.00. The Bureau therefore 
determines that the maximum allowable charge for the year 2021 will 
increase to $13.00.

III. Procedural Requirements

A. Administrative Procedure Act

    Under the Administrative Procedure Act (APA), notice and 
opportunity for public comment are not required if the Bureau finds 
that notice and public comment are impracticable, unnecessary, or 
contrary to the public interest.\6\ Pursuant to this final rule, in 
Regulation V, appendix O is amended to update the maximum allowable 
charge for 2021 under section 612(f). The amendments in this final rule 
are technical and non-discretionary, as they merely apply the method 
previously established in Regulation V for determining adjustments to 
the thresholds. For these reasons, the Bureau has determined that 
publishing a notice of proposed rulemaking and providing opportunity 
for public comment are unnecessary. The amendments therefore are 
adopted in final form.
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    \6\ 5 U.S.C. 553(b)(B).
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    Section 553(d) of the APA generally requires publication of a final 
rule not less than 30 days before its effective date, except (1) a 
substantive rule which grants or recognizes an exemption or relieves a 
restriction; (2) interpretive rules and statements of policy; or (3) as 
otherwise provided by the agency for good cause found and published 
with the rule. 5 U.S.C. 553(d). At a minimum, the Bureau believes the 
amendments made by this rule fall under the third exception to section 
553(d). The Bureau finds that there is good cause to make this rule 
effective on January 1, 2021. The amendments made by this rule are 
technical and non-discretionary, and apply the method previously 
established in the Bureau's regulations for automatic adjustments to 
the threshold.

B. Regulatory Flexibility Act

    Because no notice of proposed rulemaking is required, the 
Regulatory Flexibility Act does not require an initial or final 
regulatory flexibility analysis.\7\
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    \7\ 5 U.S.C. 603(a), 604(a).
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C. Paperwork Reduction Act

    In accordance with the Paperwork Reduction Act of 1995,\8\ the 
Bureau reviewed this final rule. No collections of information pursuant 
to the Paperwork Reduction Act are contained in the final rule.
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    \8\ 44 U.S.C. 3506; 5 CFR part 1320.
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D. Congressional Review Act

    Pursuant to the Congressional Review Act (5 U.S.C. 801 et seq.), 
the Bureau will submit a report containing this rule and other required 
information to the United States Senate, the United States House of 
Representatives, and the Comptroller General of the United States prior 
to the rule taking effect. The Office of Information and Regulatory 
Affairs (OIRA) has designated this rule as not a ``major rule'' as 
defined by 5 U.S.C. 804(2).

IV. Signing Authority

    The Acting Associate Director for Research, Markets and 
Regulations, Dan S. Sokolov, having reviewed and approved this 
document, is delegating the authority to electronically sign this 
document to Grace Feola, a Bureau Federal Register Liaison, for 
purposes of publication in the Federal Register.

List of Subjects in 12 CFR Part 1022

    Banks, banking, Consumer protection, Credit unions, Holding 
companies, National banks, Privacy, Reporting and recordkeeping 
requirements, Savings associations.

Authority and Issuance

    For the reasons set forth in the preamble, the Bureau amends 
Regulation V, 12 CFR part 1022, as set forth below:

PART 1022--FAIR CREDIT REPORTING (REGULATION V)

0
1. The authority citation for part 1022 continues to read as follows:

    Authority:  12 U.S.C. 5512, 5581; 15 U.S.C. 1681a, 1681b, 1681c, 
1681c-1, 1681e, 1681g, 1681i, 1681j, 1681m, 1681s, 1681s-2, 1681s-3, 
and 1681t; Sec. 214, Pub. L. 108-159, 117 Stat. 1952.


0
2. Appendix O is revised to read as follows:

Appendix O to Part 1022--Reasonable Charges for Certain Disclosures

    Section 612(f) of the FCRA, 15 U.S.C. 1681j(f), directs the 
Bureau to increase the maximum allowable charge a consumer reporting 
agency may impose for making a disclosure to the consumer pursuant 
to section 609 of the FCRA, 15 U.S.C. 1681g, on 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 will publish notice of the maximum allowable charge each year 
by amending this appendix. For calendar year 2021, the maximum 
allowable charge is $13.00. For historical purposes:
    1. For calendar year 2012, the maximum allowable disclosure 
charge was $11.50.
    2. For calendar year 2013, the maximum allowable disclosure 
charge was $11.50.
    3. For calendar year 2014, the maximum allowable disclosure 
charge was $11.50.
    4. For calendar year 2015, the maximum allowable disclosure 
charge was $12.00.

[[Page 83751]]

    5. For calendar year 2016, the maximum allowable disclosure 
charge was $12.00.
    6. For calendar year 2017, the maximum allowable disclosure 
charge was $12.00.
    7. For calendar year 2018, the maximum allowable disclosure 
charge was $12.00.
    8. For calendar year 2019, the maximum allowable disclosure 
charge was $12.50.
    9. For calendar year 2020, the maximum allowable disclosure 
charge was $12.50.
    10. For calendar year 2021, the maximum allowable disclosure 
charge is $13.00.

    Dated: December 18, 2020.
Grace Feola,
Federal Register Liaison, Bureau of Consumer Financial Protection.
[FR Doc. 2020-28409 Filed 12-22-20; 8:45 am]
BILLING CODE 4810-AM-P