81 FR 69046 - Notice of a Public List of Companies Offering Existing Customers Free Access to a Credit Score
BUREAU OF CONSUMER FINANCIAL PROTECTION Federal Register Volume 81, Issue 193 (October 5, 2016)
Federal Register Volume 81, Issue 193 (October 5, 2016)
| Page Range | 69046-69047 | |
| FR Document | 2016-24014 |
[Federal Register Volume 81, Number 193 (Wednesday, October 5, 2016)] [Notices] [Pages 69046-69047] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-24014] ======================================================================= ----------------------------------------------------------------------- BUREAU OF CONSUMER FINANCIAL PROTECTION [Docket No. CFPB-2016-0043] Notice of a Public List of Companies Offering Existing Customers Free Access to a Credit Score AGENCY: Bureau of Consumer Financial Protection. ACTION: Notice. ----------------------------------------------------------------------- SUMMARY: The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank) established the Office of Financial Education within the Bureau of Consumer Financial Protection (CFPB or Bureau) to develop and launch initiatives that will educate consumers and help them make better informed financial decisions. The CFPB's Office of Financial Education is exploring how to produce a list of companies offering existing customers free access to a credit score (``the service''). The Bureau could leverage this list to bring consumer attention to the topic, and to develop content to educate, inform and empower consumers on the use and availability of credit scores and credit reports. The responses to this notice will help us to launch this public list. DATES: Comments must be received on or before November 4, 2016 to be assured of consideration. ADDRESSES: You may submit comments regarding the ``Notice of a Public List of Companies Offering Existing Customers Free Access to a Credit Score'', identified by title and by Docket No. CFPB-2016-0043, by any of the following methods:Electronic: http://www.regulations.gov. Follow the instructions for submitting comments. Mail: Consumer Financial Protection Bureau (Attention: Office of Financial Education), 1700 G Street NW., Washington, DC 20552. Hand Delivery/Courier: Consumer Financial Protection Bureau (Attention: Office of Financial Education), 1275 First Street NE., Washington, DC 20002 Instructions: The Bureau encourages the early submission of comments. All submissions must include the document title and docket number. Because paper mail in the Washington, DC area and at the Bureau is subject to delay, commenters are encouraged to submit comments electronically. In general, all comments received will be posted without change to http://www.regulations.gov. In addition, comments will be available for public inspection and copying at 1275 First Street NE., Washington, DC 20002, on official business days between the hours of 10 a.m. and 5 p.m. eastern standard time. You can make an appointment to inspect the documents by telephoning 202-435-7275. All submissions, including attachments and other supporting materials, will become part of the public record and subject to public disclosure. Do not include sensitive personal information such as account numbers or Social Security numbers. Comments will not be edited to remove any identifying or contact information, such as name and address information, email addresses, or telephone numbers. FOR FURTHER INFORMATION CONTACT: For general inquiries, submission process questions or any additional information, please contact Monica Jackson, Office of the Executive Secretary, at 202-435-7275. For information about the ``Notice of a Public List of Companies Offering Existing Customers Free Access to a Credit Score'', please contact Irene Skricki, Office of Financial Education, at 202-435-7181. SUPPLEMENTARY INFORMATION: I. Background Over the last few years, many financial institutions, credit card issuers, and other companies have offered consumers free access to a credit score giving consumers an important tool to manage their financial lives. The Office of Financial Education of the Consumer Financial Protection Bureau (``the Bureau''), established under Section 1013(d)(1) of Dodd-Frank, would like to highlight and build consumer awareness of this practice. A core part of the mission of the Bureau is educating and empowering consumers to take more control over their financial lives. The Bureau believes that enabling consumers to see their credit scores can be a first step [[Page 69047]] towards consumers learning about their credit history, checking their credit report, and ultimately making decisions about credit that serve their own financial and life goals. The Bureau is exploring how to produce a list of companies offering existing customers free access to a credit score (``the service''). The Bureau could leverage this list to bring consumer attention to the topic of credit scores, and follow up with content to educate, inform and empower consumers on the availability of credit scores and credit reports and how consumers can use this information. The responses to this notice will help us to launch this public list. II. Criteria To Be Included in the Public List If your company is a credit card issuer, fits the criteria outlined below and would like to be included in the list the Bureau plans to publish, contact us by following the instructions included in this Notice for how to submit your comments. To be included in this list, you must meet the following criteria: Be a credit card issuer.\1\ --------------------------------------------------------------------------- \1\ ``Credit card issuer'' refers to any entity to which a consumer is legally obligated, or would be legally obligated, under the terms of a credit card agreement. Alternatively, you can also be included in this list, if you are a bank or a credit union and you contract with a third party to issue credit cards on your behalf and under your brand name. --------------------------------------------------------------------------- Offer existing customers \2\ (at least some, but not necessarily all) the ability to obtain free of charge a credit score \3\ which either your company, or other lenders use, for account origination, portfolio management, or for other business purposes. --------------------------------------------------------------------------- \2\ ``Customers'' refers to individuals, not corporations or small businesses. \3\ By credit score we refer to a score that is empirically derived, demonstrably and statistically sound, and based on current data from a consumer reporting agency to predict the likelihood of certain credit behavior for the applicant. --------------------------------------------------------------------------- Offer this access to a credit score on a continuous basis, as opposed to on a time-limited or promotional basis, and periodically update the score. You may include other information you think is relevant for consumers reading the public list to understand whether the service applies to them. Depending on the information received, the Bureau may decide to include, or not to include, some or all of this information in the list. By responding to this Federal Register Notice (FRN) you are stating that you meet the criteria and are consenting to include the name of your company in a public list of credit card issuers offering free access to credit scores to their existing customers. The Bureau reserves the right to conduct due diligence on a company's assertions about meeting the criteria stated in this notice. Your response to this FRN and inclusion in this public list are completely voluntary, and your choice to do so, or refrain from doing so, is not connected to supervisory activity by the Bureau. If your company is not a credit card issuer, but offers existing consumer customers free access to a credit score, fits the criteria outlined below, and would like to be included in a list for companies in other markets, you may contact us as well. Depending on the feedback received, the Bureau may decide to expand the scope of the initial list of companies offering free credit scores beyond credit card issuers to companies in some other markets, include such companies in a future separate list, or decide not to publish a list of companies in other markets offering this service. To be considered for this potential list, you must meet the following criteria: Offer or provide a consumer financial product or service; Offer your existing customers \4\ (at least some, but not necessarily all) the ability to obtain free of charge a credit score \5\ which either your company, or other lenders use, for account origination, portfolio management, or for other business purposes. --------------------------------------------------------------------------- \4\ ``Customers'' refers to individuals, not corporations or small businesses. \5\ By credit score we refer to a score that is empirically derived, demonstrably and statistically sound, and based on current data from a consumer reporting agency to predict the likelihood of certain credit behavior for the applicant. --------------------------------------------------------------------------- Offer this access to a credit score on a continuous basis, as opposed to on a time-limited or promotional basis, and periodically update the score. You may include other information you think is relevant for consumers reading the public list to understand whether the service applies to them. Depending on the information received, the Bureau may decide to include, or not to include, some or all of this information in the list. By responding to this Federal Register Notice (FRN) you are stating that you meet the criteria and are consenting to include the name of your company in a public list of companies offering free access to credit scores to their existing customers. The Bureau reserves the right to conduct due diligence on a company's assertions about meeting the criteria stated in this notice. Your response to this FRN and inclusion in this public list are completely voluntary, and your choice to do so, or refrain from doing so, is not connected to supervisory activity by the Bureau. We emphasize that these lists will be created to further inform the public about where to find a credit score, and will not be an endorsement of the financial institutions, credit card issuers, or any other company mentioned in any document the Bureau publishes. Thank you for your contribution to improve consumer financial awareness. Dated: September 27, 2016. Richard Cordray, Director, Bureau of Consumer Financial Protection. [FR Doc. 2016-24014 Filed 10-4-16; 8:45 am] BILLING CODE 4810-AM-P
![69046 Federal Register / Vol. 81, No. 193 / Wednesday, October 5, 2016 / Notices
Obstacles: 4. Should NTIA partner with any Financial Education), 1700 G Street
1. What are the biggest obstacles particular stakeholder group? NW., Washington, DC 20552.
related to IPv6 implementation? For Additional Issues: NTIA invites • Hand Delivery/Courier: Consumer
example, is it difficult to access commenters to provide any additional Financial Protection Bureau (Attention:
adequate vendor support for IPv6 information on other issues not Office of Financial Education), 1275
hardware and/or software? Does identified in this RFC that could First Street NE., Washington, DC 20002
successful implementation depend contribute to NTIA’s understanding of Instructions: The Bureau encourages
directly on another service provider? the considerations that organizations the early submission of comments. All
2. How does an organization take into account when deciding to submissions must include the document
overcome those obstacles? proceed with IPv6 implementation, as title and docket number. Because paper
Incentives: well as future IPv6 promotional efforts mail in the Washington, DC area and at
1. What factors contribute to an that NTIA may undertake. the Bureau is subject to delay,
organization’s decision to implement commenters are encouraged to submit
Dated: September 29, 2106.
IPv6? comments electronically. In general, all
2. What additional incentives would Kathy D. Smith,
comments received will be posted
be helpful in a decision to implement Chief Counsel, National Telecommunications
and Information Administration. without change to http://
IPv6? www.regulations.gov. In addition,
3. If one factor made the crucial [FR Doc. 2016–24033 Filed 10–4–16; 8:45 am]
comments will be available for public
difference in deciding to implement BILLING CODE 3510–60–P
inspection and copying at 1275 First
IPv6, as opposed to not implementing Street NE., Washington, DC 20002, on
IPv6, what is that factor? official business days between the hours
Motivation: BUREAU OF CONSUMER FINANCIAL
1. What is typically the driving of 10 a.m. and 5 p.m. eastern standard
PROTECTION time. You can make an appointment to
motivation behind an organization’s
decision to implement IPv6? [Docket No. CFPB–2016–0043] inspect the documents by telephoning
2. What are the job titles and/or roles 202–435–7275.
Notice of a Public List of Companies All submissions, including
of the people within an organization
Offering Existing Customers Free attachments and other supporting
typically involved in a decision to
Access to a Credit Score materials, will become part of the public
implement IPv6? What are those
individuals’ primary motivations when AGENCY: Bureau of Consumer Financial record and subject to public disclosure.
it comes to implementing IPv6? Protection. Do not include sensitive personal
Return on Investment: information such as account numbers or
ACTION: Notice.
1. What is the anticipated return on Social Security numbers. Comments
an IPv6-related investment? How SUMMARY: The Dodd-Frank Wall Street will not be edited to remove any
quickly is a return on investment Reform and Consumer Protection Act of identifying or contact information, such
expected? 2010 (Dodd-Frank) established the as name and address information, email
2. Is return on investment a reason to Office of Financial Education within the addresses, or telephone numbers.
implement IPv6, or is implementation Bureau of Consumer Financial FOR FURTHER INFORMATION CONTACT: For
considered a cost of doing business? Protection (CFPB or Bureau) to develop general inquiries, submission process
Implementation: and launch initiatives that will educate questions or any additional information,
1. How long does the planning consumers and help them make better please contact Monica Jackson, Office of
process for IPv6 implementation take? informed financial decisions. the Executive Secretary, at 202–435–
2. How long does actual The CFPB’s Office of Financial 7275. For information about the ‘‘Notice
implementation of IPv6 typically take? Education is exploring how to produce of a Public List of Companies Offering
Is implementation a single event or a list of companies offering existing Existing Customers Free Access to a
evolutionary? customers free access to a credit score Credit Score’’, please contact Irene
Cost of Implementation: (‘‘the service’’). The Bureau could Skricki, Office of Financial Education,
1. What are the different types of costs leverage this list to bring consumer at 202–435–7181.
involved in implementing IPv6? What attention to the topic, and to develop SUPPLEMENTARY INFORMATION:
are the typical magnitudes of each type content to educate, inform and empower
of cost? consumers on the use and availability of I. Background
2. How does an organization cover credit scores and credit reports. The Over the last few years, many
those costs? responses to this notice will help us to
3. How does an organization justify financial institutions, credit card
launch this public list. issuers, and other companies have
those costs?
4. What considerations are there for DATES: Comments must be received on offered consumers free access to a credit
cost-saving? or before November 4, 2016 to be score giving consumers an important
5. What implication does the size of assured of consideration. tool to manage their financial lives. The
an organization implementing IPv6 have ADDRESSES: You may submit comments Office of Financial Education of the
on cost? regarding the ‘‘Notice of a Public List of Consumer Financial Protection Bureau
Promotional Efforts: Companies Offering Existing Customers (‘‘the Bureau’’), established under
Section 1013(d)(1) of Dodd-Frank,
asabaliauskas on DSK3SPTVN1PROD with NOTICES
1. What promotional efforts, if any, Free Access to a Credit Score’’,
should NTIA take? What would have identified by title and by Docket No. would like to highlight and build
the most impact? CFPB–2016–0043, by any of the consumer awareness of this practice. A
2. What promotional efforts, if any, following methods: core part of the mission of the Bureau
are being led by the private sector? Have • Electronic: http:// is educating and empowering
they been effective? www.regulations.gov. Follow the consumers to take more control over
3. Which additional stakeholders instructions for submitting comments. their financial lives. The Bureau
should NTIA target? What is the most • Mail: Consumer Financial believes that enabling consumers to see
effective forum? Protection Bureau (Attention: Office of their credit scores can be a first step
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![Federal Register / Vol. 81, No. 193 / Wednesday, October 5, 2016 / Notices 69047
towards consumers learning about their Bureau reserves the right to conduct due to do so, or refrain from doing so, is not
credit history, checking their credit diligence on a company’s assertions connected to supervisory activity by the
report, and ultimately making decisions about meeting the criteria stated in this Bureau.
about credit that serve their own notice. Your response to this FRN and We emphasize that these lists will be
financial and life goals. The Bureau is inclusion in this public list are created to further inform the public
exploring how to produce a list of completely voluntary, and your choice about where to find a credit score, and
companies offering existing customers to do so, or refrain from doing so, is not will not be an endorsement of the
free access to a credit score (‘‘the connected to supervisory activity by the financial institutions, credit card
service’’). The Bureau could leverage Bureau. issuers, or any other company
this list to bring consumer attention to If your company is not a credit card mentioned in any document the Bureau
the topic of credit scores, and follow up issuer, but offers existing consumer publishes.
with content to educate, inform and customers free access to a credit score, Thank you for your contribution to
empower consumers on the availability fits the criteria outlined below, and improve consumer financial awareness.
of credit scores and credit reports and would like to be included in a list for Dated: September 27, 2016.
how consumers can use this companies in other markets, you may Richard Cordray,
information. The responses to this contact us as well. Depending on the Director, Bureau of Consumer Financial
notice will help us to launch this public feedback received, the Bureau may Protection.
list. decide to expand the scope of the initial [FR Doc. 2016–24014 Filed 10–4–16; 8:45 am]
list of companies offering free credit
II. Criteria To Be Included in the Public scores beyond credit card issuers to
BILLING CODE 4810–AM–P
List companies in some other markets,
If your company is a credit card include such companies in a future
CONSUMER PRODUCT SAFETY
issuer, fits the criteria outlined below separate list, or decide not to publish a
COMMISSION
and would like to be included in the list list of companies in other markets
the Bureau plans to publish, contact us offering this service. [CPSC Docket No. 16–C0005]
by following the instructions included To be considered for this potential
in this Notice for how to submit your list, you must meet the following Best Buy Co., Inc., Provisional
comments. To be included in this list, criteria: Acceptance of a Settlement Agreement
you must meet the following criteria: • Offer or provide a consumer and Order
• Be a credit card issuer.1 financial product or service; AGENCY: Consumer Product Safety
• Offer existing customers 2 (at least • Offer your existing customers 4 (at
Commission.
some, but not necessarily all) the ability least some, but not necessarily all) the
ACTION: Notice.
to obtain free of charge a credit score 3 ability to obtain free of charge a credit
which either your company, or other score 5 which either your company, or SUMMARY: It is the policy of the
lenders use, for account origination, other lenders use, for account Commission to publish settlements
portfolio management, or for other origination, portfolio management, or which it provisionally accepts under the
business purposes. for other business purposes. Consumer Product Safety Act in the
• Offer this access to a credit score on • Offer this access to a credit score on Federal Register in accordance with the
a continuous basis, as opposed to on a a continuous basis, as opposed to on a terms of the Consumer Product Safety
time-limited or promotional basis, and time-limited or promotional basis, and Commission’s regulations. Published
periodically update the score. periodically update the score. below is a provisionally-accepted
You may include other information You may include other information Settlement Agreement with Best Buy
you think is relevant for consumers you think is relevant for consumers Co., Inc., containing a civil penalty in
reading the public list to understand reading the public list to understand the amount of 3.8 million dollars
whether the service applies to them. whether the service applies to them. ($3,800,000) within thirty (30) days of
Depending on the information received, Depending on the information received, service of the Commission’s final Order
the Bureau may decide to include, or the Bureau may decide to include, or accepting the Settlement Agreement.
not to include, some or all of this not to include, some or all of this
DATES: Any interested person may ask
information in the list. information in the list.
By responding to this Federal the Commission not to accept this
By responding to this Federal agreement or otherwise comment on its
Register Notice (FRN) you are stating Register Notice (FRN) you are stating
that you meet the criteria and are contents by filing a written request with
that you meet the criteria and are the Office of the Secretary by October
consenting to include the name of your consenting to include the name of your
company in a public list of companies 20, 2016.
company in a public list of credit card ADDRESSES: Persons wishing to
issuers offering free access to credit offering free access to credit scores to
their existing customers. The Bureau comment on this Settlement Agreement
scores to their existing customers. The should send written comments to the
reserves the right to conduct due
1 ‘‘Credit card issuer’’ refers to any entity to diligence on a company’s assertions Comment 16–C0005 Office of the
which a consumer is legally obligated, or would be about meeting the criteria stated in this Secretary, Consumer Product Safety
legally obligated, under the terms of a credit card notice. Your response to this FRN and Commission, 4330 East-West Highway,
agreement. Alternatively, you can also be included Room 820, Bethesda, Maryland 20814–
asabaliauskas on DSK3SPTVN1PROD with NOTICES
in this list, if you are a bank or a credit union and
inclusion in this public list are
completely voluntary, and your choice 4408.
you contract with a third party to issue credit cards
on your behalf and under your brand name. FOR FURTHER INFORMATION CONTACT:
2 ‘‘Customers’’ refers to individuals, not 4 ‘‘Customers’’ refers to individuals, not Laura Thomson, Trial Attorney,
corporations or small businesses. corporations or small businesses. Division of Compliance, Office of the
3 By credit score we refer to a score that is 5 By credit score we refer to a score that is
General Counsel, Consumer Product
empirically derived, demonstrably and statistically empirically derived, demonstrably and statistically
sound, and based on current data from a consumer sound, and based on current data from a consumer
Safety Commission, 4330 East-West
reporting agency to predict the likelihood of certain reporting agency to predict the likelihood of certain Highway, Bethesda, Maryland 20814–
credit behavior for the applicant. credit behavior for the applicant. 4408; telephone (301) 504–7263.
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Document Created: 2016-10-05 03:29:22
Document Modified: 2016-10-05 03:29:22
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Notices | |
| Action | Notice. | |
| Dates | Comments must be received on or before November 4, 2016 to be assured of consideration. | |
| Contact | For general inquiries, submission process questions or any additional information, please contact Monica Jackson, Office of the Executive Secretary, at 202-435-7275. For information about the ``Notice of a Public List of Companies Offering Existing Customers Free Access to a Credit Score'', please contact Irene Skricki, Office of Financial Education, at 202-435-7181. | |
| FR Citation | 81 FR 69046 |
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