BOARD OF GOVERNORS
DIVISION OF CONSUMER
August 26, 2008
TO THE OFFICERS AND MANAGERS IN CHARGE OF CONSUMER AFFAIRS SECTIONS:
SUBJECT: Interagency Examination Procedures for the Affiliate Marketing Regulation
The FFIEC Task Force on Consumer Compliance recently approved the attached examination module1 for the affiliate marketing regulation. The regulation implements Section 624 of the Fair Credit Reporting Act (FCRA), as amended by the Fair and Accurate Credit Transactions Act of 2003. The regulation was incorporated into the Board's Regulation V and has a mandatory compliance date of October 1, 2008.
The affiliate marketing regulation (12 CFR 222.20) generally prohibits a financial institution from using certain information received from an affiliate to make a solicitation to a consumer unless the consumer is given notice and a reasonable opportunity to opt out of such solicitations, and the consumer does not opt out. The final rule applies to information obtained from the consumer's transactions or account relationships with an affiliate, from any application the consumer submitted to an affiliate, and from third-party sources, such as credit reports, if the information is to be used to send marketing solicitations.
If you have any questions, please contact Kathleen Conley, Supervisory Consumer Financial Services Analyst at (202) 452-2389, or Paul Robin, Manager, Oversight and Policy, at (202) 452-3140.
Cross-reference: CA 06-10 (May 16, 2006)CA letters | 2008 Letters