82 FR 53481 - Fair Credit Reporting Act Disclosures

BUREAU OF CONSUMER FINANCIAL PROTECTION

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

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, 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