82_FR_53701 82 FR 53481 - Fair Credit Reporting Act Disclosures

82 FR 53481 - Fair Credit Reporting Act Disclosures

BUREAU OF CONSUMER FINANCIAL PROTECTION

Federal Register Volume 82, Issue 220 (November 16, 2017)

Page Range53481-53482
FR Document2017-24855

The Bureau of Consumer Financial Protection (Bureau) announces that the ceiling on allowable charges under the Fair Credit Reporting Act (FCRA) will remain unchanged at $12.00, effective for 2018. The Bureau is required to increase the $8.00 amount referred to in the FCRA on January 1 of each year, based proportionally on changes in the Consumer Price Index for All Urban Consumers (CPI-U), with fractional changes rounded to the nearest fifty cents. The CPI-U increased 53.11 percent between September 1997, when the FCRA amendments took effect, and September 2017. This increase in the CPI-U, and the requirement that any increase be rounded to the nearest fifty cents, result in a maximum allowable charge of $12.00.

Federal Register, Volume 82 Issue 220 (Thursday, November 16, 2017) 
[Federal Register Volume 82, Number 220 (Thursday, November 16, 2017)]
[Notices]
[Pages 53481-53482]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-24855]


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BUREAU OF CONSUMER FINANCIAL PROTECTION


Fair Credit Reporting Act Disclosures

AGENCY: Bureau of Consumer Financial Protection.

ACTION: Notice regarding charges for certain disclosures under the Fair 
Credit Reporting Act.

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SUMMARY: The Bureau of Consumer Financial Protection (Bureau) announces 
that the ceiling on allowable charges under the Fair Credit Reporting 
Act (FCRA) will remain unchanged at $12.00, effective for 2018. The 
Bureau is required to increase the $8.00 amount referred to in the FCRA 
on January 1 of each year, based proportionally on changes in the 
Consumer Price Index for All Urban Consumers (CPI-U), with fractional 
changes rounded to the nearest fifty cents. The CPI-U increased 53.11 
percent between September 1997, when the FCRA amendments took effect, 
and September 2017. This increase in the CPI-U, and the requirement 
that any increase be rounded to the nearest fifty cents, result in a 
maximum allowable charge of $12.00.

DATES: Effective January 1, 2018.

FOR FURTHER INFORMATION CONTACT: Monique Chenault, Paralegal 
Specialist, Office of Regulations, Consumer Financial Protection 
Bureau, 1700 G Street NW., Washington, DC 20552, at (202) 435-7700.

SUPPLEMENTARY INFORMATION: Section 612(f)(1)(A) of the Fair Credit 
Reporting Act (FCRA) provides that a consumer reporting agency may 
charge a consumer a reasonable amount for making a disclosure to the 
consumer pursuant to section 609 of the FCRA. Section 612(f)(1)(A) of 
the FCRA provides that, where a consumer reporting agency is permitted 
to impose a reasonable charge on a consumer for making a disclosure to 
the consumer pursuant to section 609 of the FCRA, the charge shall not 
exceed $8.00 and shall be indicated to the consumer before making the 
disclosure. Section 612(f)(2) of the FCRA states that the Bureau shall 
increase the $8.00 maximum amount on January 1 of each year, based 
proportionally on changes in the Consumer Price Index, with fractional 
changes rounded to the nearest fifty cents. The Bureau's calculations 
are based on the CPI-U, which is the most general Consumer Price Index 
and covers all urban consumers and all items.
    Section 612(a) of the FCRA gives consumers the right to a free 
disclosure upon request once every 12 months. The maximum allowable 
charge established by this notice does not apply to requests made under 
that provision. The charge does apply when a consumer who orders a file 
disclosure has already received a free annual disclosure and does not 
otherwise qualify for an additional free disclosure.
    The Bureau is using the $8.00 amount set forth in section 
612(f)(1)(A)(i) of the FCRA as the baseline for its calculation of the 
increase in the ceiling on reasonable charges for certain disclosures 
made under section 609 of the FCRA. Since the effective date of section 
612(a) was September 30, 1997, the Bureau calculated the proportional 
increase in the CPI-U from September

[[Page 53482]]

1997 to September 2017. The Bureau then determined what modification, 
if any, from the original base of $8.00 should be made effective for 
2018, given the requirement that fractional changes be rounded to the 
nearest fifty cents.
    Between September 1997 and September 2017, the CPI-U increased by 
53.11 percent from an index value of 161.2 in September 1997 to a value 
of 246.8 in September 2017. An increase of 53.11 percent in the $8.00 
base figure would lead to a figure of $12.25. However, because the 
statute directs that the resulting figure be rounded to the nearest 
$0.50, the maximum allowable charge is $12.00. The Bureau therefore 
determines that the maximum allowable charge for the year 2018 will 
remain at $12.00, effective January 1, 2018.

    Dated: November 7, 2017.
Richard Cordray,
Director, Bureau of Consumer Financial Protection.
[FR Doc. 2017-24855 Filed 11-15-17; 8:45 am]
 BILLING CODE 4810-AM-P

Federal Register / Vol. 82, No. 220 / Thursday, November 16, 2017 / Notices 53481 HMS FMP pertaining to non-authorized FMP, including measures to protect sea Permits’’ Web page (http:// gear types. Aside from the exemption turtles, marine mammals, and seabirds. www.westcoast.fisheries.noaa.gov/ described above, vessels fishing under For up-to-date information on HMS fisheries/migratory_species/status_ an EFP would be subject to all other EFPs, please visit NMFS West Coast exempted_permits.html). regulations implemented in the HMS Region’s ‘‘Status of Exempted Fishing TABLE 1—EFP APPLICATIONS RECOMMENDED FOR ISSUANCE BY THE COUNCIL [Council recommended EFPs] Number of Name Date of council recommendation vessels Deep-Set Buoy Gear Applicants: Lutoshkin, Aleksandr ........................................................... September 2017 ......................................................................... 1 Rynkevic, Ramunas ............................................................ September 2017 ......................................................................... 1 Sokolova, Tetyana ............................................................... September 2017 ......................................................................... 1 Ellis, Ron ............................................................................. September 2017 ......................................................................... 1 Foster, John ........................................................................ September 2017 ......................................................................... 1 Hall, John & Crivello, Frank III 1 .......................................... September 2017 ......................................................................... 2 Porter, Joshua ..................................................................... September 2017 ......................................................................... 1 Porter, Justin ....................................................................... September 2017 ......................................................................... 2 Rasmussen, Andrew ........................................................... September 2017 ......................................................................... 1 Sidenko, Alexander ............................................................. September 2017 ......................................................................... 1 Tafoya, Mark ....................................................................... September 2017 ......................................................................... 1 Deep-Set Linked Buoy Gear Applicants: Smith, Michael ..................................................................... September 2017 ......................................................................... 2 Hall, John & Crivello, Frank III ............................................ September 2017 ......................................................................... 2 1 One application with both DSBG and DSLBG gear configurations and activities requested. NMFS will consider all public ACTION: Notice regarding charges for provides that, where a consumer comments submitted in response to this certain disclosures under the Fair Credit reporting agency is permitted to impose Federal Register Notice prior to Reporting Act. a reasonable charge on a consumer for issuance of any EFP. Additionally, making a disclosure to the consumer NMFS will analyze the effects of issuing SUMMARY: The Bureau of Consumer pursuant to section 609 of the FCRA, the EFPs in accordance with the National Financial Protection (Bureau) charge shall not exceed $8.00 and shall Environmental Policy Act and NOAA’s announces that the ceiling on allowable be indicated to the consumer before Administrative Order 216–6, as well as charges under the Fair Credit Reporting making the disclosure. Section 612(f)(2) for compliance with other applicable Act (FCRA) will remain unchanged at of the FCRA states that the Bureau shall laws, including Section 7(a)(2) of the $12.00, effective for 2018. The Bureau is increase the $8.00 maximum amount on Endangered Species Act (16 U.S.C. 1531 required to increase the $8.00 amount January 1 of each year, based referred to in the FCRA on January 1 of et seq.), which requires the agency to proportionally on changes in the each year, based proportionally on consider whether the proposed action is Consumer Price Index, with fractional changes in the Consumer Price Index for likely to jeopardize the continued changes rounded to the nearest fifty All Urban Consumers (CPI–U), with existence and recovery of any cents. The Bureau’s calculations are fractional changes rounded to the endangered or threatened species or based on the CPI–U, which is the most nearest fifty cents. The CPI–U increased result in the destruction or adverse general Consumer Price Index and 53.11 percent between September 1997, modification of critical habitat. covers all urban consumers and all when the FCRA amendments took Authority: 16 U.S.C. 1801 et seq. items. effect, and September 2017. This Section 612(a) of the FCRA gives Dated: November 13, 2017. increase in the CPI–U, and the consumers the right to a free disclosure Emily H. Menashes, requirement that any increase be upon request once every 12 months. The Acting Director, Office of Sustainable rounded to the nearest fifty cents, result in a maximum allowable charge of maximum allowable charge established Fisheries, National Marine Fisheries Service. by this notice does not apply to requests [FR Doc. 2017–24882 Filed 11–15–17; 8:45 am] $12.00. made under that provision. The charge BILLING CODE 3510–22–P DATES: Effective January 1, 2018. does apply when a consumer who FOR FURTHER INFORMATION CONTACT: orders a file disclosure has already Monique Chenault, Paralegal Specialist, received a free annual disclosure and Office of Regulations, Consumer does not otherwise qualify for an BUREAU OF CONSUMER FINANCIAL Financial Protection Bureau, 1700 G additional free disclosure. PROTECTION Street NW., Washington, DC 20552, at The Bureau is using the $8.00 amount (202) 435–7700. asabaliauskas on DSKBBXCHB2PROD with NOTICES set forth in section 612(f)(1)(A)(i) of the Fair Credit Reporting Act Disclosures SUPPLEMENTARY INFORMATION: Section FCRA as the baseline for its calculation 612(f)(1)(A) of the Fair Credit Reporting of the increase in the ceiling on AGENCY: Bureau of Consumer Financial Act (FCRA) provides that a consumer reasonable charges for certain Protection. reporting agency may charge a disclosures made under section 609 of 1 Public Law 111–203, 124 Stat. 1376 (2010), consumer a reasonable amount for the FCRA. Since the effective date of https://www.treasury.gov/about/organizational- making a disclosure to the consumer section 612(a) was September 30, 1997, structure/offices/Documents/ pursuant to section 609 of the FCRA. the Bureau calculated the proportional Dodd%20Frank%20Act.pdf. Section 612(f)(1)(A) of the FCRA increase in the CPI–U from September VerDate Sep<11>2014 16:52 Nov 15, 2017 Jkt 244001 PO 00000 Frm 00032 Fmt 4703 Sfmt 4703 E:\FR\FM\16NON1.SGM 16NON1

53482 Federal Register / Vol. 82, No. 220 / Thursday, November 16, 2017 / Notices 1997 to September 2017. The Bureau I. Background proficiency if they speak a language then determined what modification, if The Dodd-Frank Wall Street Reform other than English at home and speak any, from the original base of $8.00 and Consumer Protection Act 1 (Dodd- English less than ‘‘very well.’’ 6 Spanish should be made effective for 2018, given Frank Act) established the Bureau of is the most commonly spoken non- the requirement that fractional changes Consumer Financial Protection. Section English language at home with be rounded to the nearest fifty cents. 1021 of the Dodd-Frank Act provides approximately 40 million speakers.7 that the purpose of the Bureau is to Spanish speakers also constitute the Between September 1997 and ‘‘implement, and where applicable, largest share of the LEP population, September 2017, the CPI–U increased by enforce Federal consumer financial law followed by Chinese, Vietnamese, 53.11 percent from an index value of consistently for the purpose of ensuring Korean, and Tagalog speakers. These 161.2 in September 1997 to a value of five languages are spoken by more than 246.8 in September 2017. An increase of that all consumers have access to markets for consumer financial products 78 percent of LEP individuals. Studies 53.11 percent in the $8.00 base figure by federal agencies and other would lead to a figure of $12.25. and services and that markets for consumer financial products and stakeholders have highlighted that the However, because the statute directs receipt of materials in consumers’ native that the resulting figure be rounded to services are fair, transparent, and competitive.’’ 2 languages is essential to increasing these the nearest $0.50, the maximum consumers’ knowledge about financial Listening and responding to allowable charge is $12.00. The Bureau products and services. consumers is central to the Bureau’s therefore determines that the maximum purpose of ensuring that all consumers The Federal Deposit Insurance allowable charge for the year 2018 will have access to consumer financial Corporation’s (FDIC) biennial survey on remain at $12.00, effective January 1, products and services. Since its unbanked and underbanked households 2018. inception, the Bureau has provided consistently shows that households Dated: November 7, 2017. consumers with numerous ways to where Spanish is the only language make their voices heard. Consumers spoken were unbanked at five times the Richard Cordray, nationwide have engaged with the rate of households where Spanish is not Director, Bureau of Consumer Financial the only language spoken.8 The most Protection. Bureau through public field hearings, listening events, roundtables, town recent survey found that 31 percent of [FR Doc. 2017–24855 Filed 11–15–17; 8:45 am] Spanish-speaking households were halls, online through the Web site BILLING CODE 4810–AM–P ConsumerFinance.gov, and through the unbanked compared to 6.5 percent of Bureau’s Office of Consumer Response. other households.9 Nearly a third of The Bureau has also sought input from Spanish-speaking households in the BUREAU OF CONSUMER FINANCIAL a range of stakeholders, including survey were underbanked,10 compared PROTECTION financial educators, community-based to a fifth of other households. organizations, financial institutions, and Household members who speak English Final Language Access Plan for the as a second language, or who cannot others about challenges that consumers Consumer Financial Protection Bureau face, effective approaches to overcoming read English, are particularly those challenges, and what the Bureau disadvantaged in their ability to review AGENCY: Bureau of Consumer Financial and understand financial documents can do to improve the financial Protection. and other important notifications.11 The decision-making process of consumers ACTION: Notice of final language access to help them better navigate the CFPB conducted research on the plan. marketplace of financial products and financial education needs of services to reach their own goals.3 This immigrants, including those with engagement informs the work of the limited English proficiency.12 The CFPB SUMMARY: Consistent with Executive identified one of the challenges to be Order 13166 (Aug. 11, 2000), the Bureau. This engagement would be that many technical terms common to Consumer Financial Protection Bureau the U.S. financial system either do not (Bureau or CFPB) is committed to incomplete without efforts to include limited English proficiency (LEP) have equivalent terms in languages providing persons with limited English persons. More than 65 million people, proficiency (LEP) meaningful access to 6 See Paul Siegel et al., U.S. Census Bureau, or about 21 percent of the U.S. its programs and services. The Language Language Use and Linguistic Isolation: Historical population over the age of five, speak a Data and Methodological Issues (2001), https:// Access Plan describes the Bureau’s language other than English at home.4 www.census.gov/srd/papers/pdf/ssm2007-02.pdf. policy and how the Bureau’s language Of this, more than 26 million people in 7 2016 ACS Home Language Data. access activities are implemented across the U.S. have limited proficiency in 8 ‘‘Unbanked households’’ means that ‘‘no one in the Bureau’s operations, programs, and English.5 Individuals are generally the household had a checking or savings account.’’ services. considered to have limited English Susan Burhouse et al., FDIC, 2015 FDIC National Survey of Unbanked and Underbanked Households This information is current as of DATES: (2016), https://www.fdic.gov/householdsurvey/ 2 12 U.S.C. 5511(a). 2015/2015report.pdf. November 13, 2017. 3 CFPB, Feedback from the Financial Education 9 Susan Burhouse et al., FDIC, 2015 FDIC FOR FURTHER INFORMATION CONTACT: For Field (2013), http://files.consumerfinance.gov/f/ National Survey of Unbanked and Underbanked general inquiries or any additional 201305_cfpb_OFE-request-for-information- Households Appendix Tables (2016), https:// report.pdf. www.fdic.gov/householdsurvey/2015/ asabaliauskas on DSKBBXCHB2PROD with NOTICES information, please contact Monica 4 U.S. Census Bureau, 2016 American Community 2015appendix.pdf. Jackson, Office of the Executive Survey 1-Year Estimates, Language Spoken At 10 ‘‘Underbanked’’ means having an account at an Secretary, at 202–435–7275. For Home by Ability to Speak English for the insured institution but also obtaining financial information about the Final Language Population 5 Years and Over (‘‘2016 ACS Home services and products outside of the banking Language Data’’), https://factfinder.census.gov/ system. See id. at 8 n.13. Access Plan, please contact Meina Banh, faces/tableservices/jsf/pages/ 11 See id. at 8 n.14. Office of Financial Education, at 202– productview.xhtml?pid=ACS_15_5YR_ 12 CFPB, Financial Education Programs Serving 435–7892. B16001&prodType=table. Immigrant Populations (2016), https:// 5 Id. www.consumerfinance.gov/about-us/blog/ SUPPLEMENTARY INFORMATION: 6 See Paul Siegel et al., U.S. Census Bureau, immigrants-facing-unique-financial-challenges. VerDate Sep<11>2014 16:52 Nov 15, 2017 Jkt 244001 PO 00000 Frm 00033 Fmt 4703 Sfmt 4703 E:\FR\FM\16NON1.SGM 16NON1


Document Created: 2017-11-16 03:53:43
Document Modified: 2017-11-16 03:53:43
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
ActionNotice regarding charges for certain disclosures under the Fair Credit Reporting Act.
DatesEffective January 1, 2018.
ContactMonique Chenault, Paralegal Specialist, Office of Regulations, Consumer Financial Protection Bureau, 1700 G Street NW., Washington, DC 20552, at (202) 435-7700.
FR Citation82 FR 53481 
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