FTC Rescinds FCRA Commentary in Handoff to CFPB

more+
less-

Earlier this week, the Federal Trade Commission (“FTC”) withdrew its Statements of General Policy or Interpretations under the Fair Credit Reporting Act (“FCRA”), which includes the FTC’s Commentary on the Fair Credit Reporting Act (“Commentary”). See 16 C.F.R. pt. 600. In addition, the FTC released a staff report—“Forty Years of Experience with the Fair Credit Reporting Act”—providing background on the FTC’s role in connection with the FCRA, as well as compiling and updating the FTC’s interpretations from the Commentary.

The FTC withdrew its Commentary and issued its staff report one day before the “Designated Transfer Date,” the appointed day on which the Consumer Financial Protection Act (“CFPA”) became effective, and authority to enforce and administer the various consumer credit protection laws, including the FCRA, transferred to the new Consumer Financial Protection Bureau (“CFPB”).

Please see full alert below for more information.

LOADING PDF: If there are any problems, click here to download the file.


DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Morrison & Foerster LLP | Attorney Advertising

Written by:

more+
less-

Morrison & Foerster LLP on:

JD Supra Readers' Choice 2016 Awards
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.

Already signed up? Log in here

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.
×
Loading...
×
×