BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON, D.C.  20551

DIVISION OF CONSUMER
AND COMMUNITY AFFAIRS

CA 10-5

March 29, 2010

TO THE OFFICERS AND MANAGERS IN CHARGE OF CONSUMER AFFAIRS SECTIONS

SUBJECT: Interagency Examination Procedures Regarding the Duties of Furnishers of Information

The Task Force on Consumer Compliance of the Federal Financial Institutions Examination Council recently approved the attached examination module ¹ for the regulations (12 CFR 222.40 - .43) pertaining to the duties of furnishers of consumer information to a consumer reporting agency. The Board's Regulation V implements Sections 623(a)(8) and 623(e) of the Fair Credit Reporting Act (FCRA), as amended by the Fair and Accurate Credit Transactions Act of 2003. The furnisher provisions are effective July 1, 2010. Under the regulations, each furnisher of consumer information must:

1. establish and implement reasonable written policies and procedures regarding the accuracy and integrity of consumer information that it furnishes to a consumer reporting agency;
2. consider the interagency guidelines concerning information accuracy and integrity when developing written policies and procedures; and
3. conduct a reasonable investigation of a dispute submitted to it by a consumer concerning the accuracy of any information contained in a consumer report that pertains to an account or other relationship that the furnisher has or had with the consumer.

If you have any questions, please contact Kathleen Conley, Senior Supervisory Consumer Financial Services Analyst, at (202) 452-2389, or Paul Robin, Manager, Oversight and Policy, at (202) 452-3140.

Sincerely,
(signed)

Sandra F. Braunstein
Director
Division of Consumer and Community Affairs

Notes:

^1.   The examination module will be consolidated into Module 4 (Duties of Users of Credit Reports and Furnishers of Consumer Information) of the Fair Credit Reporting chapter of the Consumer Compliance Handbook in a 2010 release. Please note that the Fair Credit Reporting 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.  Return to text

Attachment: Section 623 of the Fair Credit Reporting Act Duties of Furnishers of Information (42 kb PDF)

Cross-reference: CA 06-10