BOARD OF GOVERNORS
DIVISION OF CONSUMER
May 16, 2006
TO THE OFFICERS AND MANAGERS IN CHARGE OF CONSUMER AFFAIRS SECTIONS:
SUBJECT: Updated Examination Procedures for the Fair Credit Reporting Act
The FFIEC Task Force on Consumer Compliance recently approved an examination module for the medical information regulation that implements Section 604(g) of the Fair Credit Reporting Act.1 This rule was incorporated into the Board's Regulations V and FF2 which became effective April 1, 2006 (70 Federal Register 70664). Section 604(g) generally prohibits creditors from obtaining and using medical information in connection with any determination of the consumer's eligibility, or continued eligibility, for credit unless permitted by regulation. The medical information regulations create exceptions to the statute's general prohibition.
As noted in CA 05-9, modules will be added to the FCRA examination procedures as regulations implementing FACT Act changes to FCRA are approved and become effective. In an effort to consolidate all FCRA examination guidance in one location, this CA letter incorporates the medical information module into the FCRA examination procedures released in CA 05-9. Accordingly, this letter rescinds CA 05-9. Please note that the examination procedures cover provisions required either by statute (FCRA) or regulation (Regulation V). Thus, examination reports (and data entry into NED) should reflect the appropriate statutory or regulatory cite.
If you have any questions, please contact Timothy Burniston, Manager, Reserve Bank Oversight (202-452-3488), or Beverly Smith, Manager, Applications and Special Projects Section (202-452-5291).
Supersedes: CA 05-9 (November 14, 2005)
Notes:CA letters | 2006 Letters