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ISPLA Update - New FCRA Staff Report

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  • Peter Psarouthakis
    FTC Issues Report: Forty Years of Experience with the Fair Credit Reporting Act The Federal Trade Commission has issued an important staff report that
    Message 1 of 1 , Jul 28, 2011
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      FTC Issues Report: "Forty Years of Experience with the Fair Credit Reporting
      Act"

      The Federal Trade Commission has issued an important staff report that
      compiles and updates the agency's guidance on the Fair Credit Reporting Act
      (FCRA), the 1970 law designed to protect the privacy of credit report
      information and ensure that the information supplied by credit reporting
      agencies is as accurate as possible.

      The new staff report, entitled "Forty Years of Experience with the Fair
      Credit Reporting Act: An FTC Staff Report and Summary of Interpretations,"
      provides an overview of the FTC's role in enforcing and interpreting the
      FCRA and includes a section-by-section summary of the agency's
      interpretations of the Act. Investigative and security professionals should
      take time to gain some insight into this agency's viewpoints which can
      greatly impact our profession.

      The FTC is withdrawing the agency's 1990 Commentary on the FCRA, which is
      now partially obsolete since it was issued 21 years ago. That 1990
      Commentary was comprised of a series of FTC statements about how it would
      enforce the various provisions of the FCRA. Since 1990, the FCRA has been
      updated several times, most significantly by the Consumer Credit Reporting
      Reform Act of 1996 and the Fair and Accurate Credit Transactions Act of
      2003, known as the FACT Act. Both updates expanded the FCRA's provisions.

      The new staff report deletes several FTC interpretations in the 1990
      Commentary that have since been repealed, amended, or have become obsolete
      or outdated. It modifies some interpretations and adds several
      interpretations reflecting changes that Congress has made to the FCRA over
      the years, rules issued by the FTC and other agencies under the FACT Act,
      statements in numerous staff opinion letters, and the staff's experience
      from significant enforcement actions.

      Recent legislation has transferred the authority to issue interpretive
      guidance under the FCRA to the Consumer Financial Protection Bureau (CFPB).
      Withdrawing the 1990 Commentary now will ensure that the obsolete document
      does not transfer to the CFPB.

      The Commission vote approving the staff report on the FCRA and withdrawing
      the 1990 Commentary was 5-0. The 117-page report may be found at:

      http://www.ftc.gov/os/2011/07/110720fcrareport.pdf

      Bruce Hulme
      ISPLA Director of Government Affairs

      To support the ISPLA's ongoing work please visit www.ISPLA.org

      Your Proactive Voice fron State Capitols to the Nation's Capitol
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