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GAO-12-363R 1 (2012-01-13)

handle is hein.gao/gaobadomf0001 and id is 1 raw text is: GAO Accountability * Integrity * Reliability United States Government Accountability Office Washington, DC 20548 B-322916 January 13, 2012 The Honorable Tim Johnson Chairman The Honorable Richard C. Shelby Ranking Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Spencer Bachus Chairman The Honorable Barney Frank Ranking Member Committee on Financial Services House of Representatives Subject: Bureau of Consumer Financial Protection: Fair Credit Reporting (Regulation V) Pursuant to section 801 (a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Bureau of Consumer Financial Protection (Bureau), entitled Fair Credit Reporting (Regulation V) (RIN: 3170-AA06). We received the rule on December 29, 2011. It was published in the Federal Register as an interim final rule with request for public comment on December 21, 2011. 76 Fed. Reg. 79,308. The interim final rule with request for public comment establishes a new Regulation V (Fair Credit Reporting). The rule does not impose any new substantive obligations on persons subject to the existing Fair Credit Reporting Act (FCRA) regulations. The interim final rule substantially duplicates the interagency regulations promulgated under the FCRA by the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Federal Trade Commission (FTC), the National Credit Union Administration, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision. In addition, the interim final rule substantially duplicates the following FTC regulations: 16 C.F.R. parts 603, 610, 611, 613, 614, and 642, and associated model forms and disclosures. The interim final rule reproduces the above regulations and associated model forms and interpretations with only certain nonsubstantive, technical, formatting, and stylistic GAO-12-363R

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