Alert November 27, 2012

CFPB Corrects Fair Credit Reporting Act Disclosure Forms

The CFPB amended the December 21, 2011 interim final rule establishing a new Regulation V, the implementing regulation for the Fair Credit Reporting Act, to correct typographical and other technical errors in some of the appendices to the interim rule containing model forms. The errors corrected include replacing references to the FTC and its website with references to the CFPB and its website, and correcting typographical errors in Spanish language translation. The amended rule also reflects the promulgation of guidelines and regulations addressing certain obligations of furnishers and users of consumer reports. The corrections were effective November 14, 2012, but use of the model forms, as originally published, will be allowed until further notice. The CFPB expects that orderly discontinuation of such forms will take place when it issues a final rule in 2013.