83_FR_47208 83 FR 47027 - Summaries of Rights Under the Fair Credit Reporting Act (Regulation V)

83 FR 47027 - Summaries of Rights Under the Fair Credit Reporting Act (Regulation V)

BUREAU OF CONSUMER FINANCIAL PROTECTION

Federal Register Volume 83, Issue 181 (September 18, 2018)

Page Range47027-47042
FR Document2018-20184

The Bureau of Consumer Financial Protection (Bureau) is issuing an interim final rule to update the Bureau's model forms for the Summary of Consumer Identity Theft Rights and the Summary of Consumer Rights to incorporate a notice of rights required by a new provision of the Fair Credit Reporting Act, added by the Economic Growth, Regulatory Relief, and Consumer Protection Act.

Federal Register, Volume 83 Issue 181 (Tuesday, September 18, 2018)
[Federal Register Volume 83, Number 181 (Tuesday, September 18, 2018)]
[Rules and Regulations]
[Pages 47027-47042]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-20184]



========================================================================
Rules and Regulations
                                                Federal Register
________________________________________________________________________

This section of the FEDERAL REGISTER contains regulatory documents 
having general applicability and legal effect, most of which are keyed 
to and codified in the Code of Federal Regulations, which is published 
under 50 titles pursuant to 44 U.S.C. 1510.

The Code of Federal Regulations is sold by the Superintendent of Documents. 

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Federal Register / Vol. 83, No. 181 / Tuesday, September 18, 2018 / 
Rules and Regulations

[[Page 47027]]



BUREAU OF CONSUMER FINANCIAL PROTECTION

12 CFR Part 1022

[Docket No. CFPB-2018-0025]
RIN 3170-AA82


Summaries of Rights Under the Fair Credit Reporting Act 
(Regulation V)

AGENCY: Bureau of Consumer Financial Protection.

ACTION: Interim final rule with request for public comment.

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SUMMARY: The Bureau of Consumer Financial Protection (Bureau) is 
issuing an interim final rule to update the Bureau's model forms for 
the Summary of Consumer Identity Theft Rights and the Summary of 
Consumer Rights to incorporate a notice of rights required by a new 
provision of the Fair Credit Reporting Act, added by the Economic 
Growth, Regulatory Relief, and Consumer Protection Act.

DATES: This interim final rule is effective on September 21, 2018. 
Comments must be received on or before November 19, 2018.

ADDRESSES: You may submit comments, identified by Docket No. CFPB-2018-
0025 or RIN 3170-AA82, by any of the following methods:
     Email: [email protected]. Include Docket 
No. CFPB-2018-0025 or RIN 3170-AA82 in the subject line of the email.
     Federal eRulemaking Portal: http://www.regulations.gov. 
Follow the instructions for submitting comments.
     Mail: Comment Intake, Bureau of Consumer Financial 
Protection, 1700 G Street NW, Washington, DC 20552.
     Hand Delivery/Courier: Comment Intake, Bureau of Consumer 
Financial Protection, 1700 G Street NW, Washington, DC 20552.
    Instructions: All submissions should include the agency name and 
docket number or Regulatory Information Number (RIN) for this 
rulemaking. 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 1700 G 
Street NW, Washington, DC 20552, on official business days between the 
hours of 10:00 a.m. and 5:00 p.m. Eastern Time. You can make an 
appointment to inspect the documents by telephoning 202-435-7275.
    All comments, including attachments and other supporting materials, 
will become part of the public record and subject to public disclosure. 
Sensitive personal information, such as account numbers or Social 
Security numbers, should not be included. Comments will not be edited 
to remove any identifying or contact information.

FOR FURTHER INFORMATION CONTACT: Seth Caffrey, David Hixson, Amanda 
Quester, or Pavneet Singh, Senior Counsels, Office of Regulations, at 
202-435-7700 or https://reginquiries.consumerfinance.gov/. If you 
require this document in an alternative electronic format, please 
contact [email protected].

SUPPLEMENTARY INFORMATION: 

I. Summary of the Interim Final Rule

    Effective September 21, 2018, new section 605A(i)(5) of the Fair 
Credit Reporting Act (FCRA), added by the Economic Growth, Regulatory 
Relief, and Consumer Protection Act (the Act), requires that a new 
notice of rights be included whenever a consumer is required to receive 
a summary of rights required by FCRA section 609. This new notice of 
rights does not appear in the model forms currently in Appendices I and 
K, which were published on November 14, 2012. The interim final rule 
amends the model forms to incorporate the new required notice of 
rights, amends the model form in Appendix I to reflect a statutory 
change to the minimum duration of initial fraud alerts, and makes 
adjustments to update contact information for certain FCRA enforcement 
agencies in the model form in Appendix K. To mitigate the impact of 
these changes on users of the existing model forms, the interim final 
rule also provides that the Bureau will regard the use of the model 
forms published in Appendices I and K on November 14, 2012, to 
constitute compliance with the FCRA provisions requiring such forms, so 
long as a separate page that contains the additional required 
information is provided in the same transmittal. The Bureau is 
soliciting comment on the interim final rule's amendments to Appendices 
I and K to inform possible further revisions to the model forms that 
the Bureau may consider in the future.

II. Background

A. Summaries of Rights Required by the FCRA

    Section 609 of the FCRA requires the Bureau to prepare two consumer 
disclosures: A model summary of rights to obtain and dispute 
information in consumer reports and to obtain credit scores (Summary of 
Consumer Rights); and a model summary of rights of identity theft 
victims (Summary of Consumer Identity Theft Rights).\1\ The Bureau's 
model forms for the Summary of Consumer Identity Theft Rights and the 
Summary of Consumer Rights are found in Appendices I and K to 
Regulation V, respectively.
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    \1\ 15 U.S.C. 1681g(c)(1)(A), (d)(1).
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    The Summary of Consumer Rights explains certain major consumer 
rights under the FCRA, including the right to obtain a copy of a 
consumer report, the frequency and circumstances under which a consumer 
is entitled to receive a free consumer report, the right to dispute 
information in a consumer's file, and the right to obtain a credit 
score. A consumer reporting agency must provide a Summary of Consumer 
Rights whenever it makes a written disclosure of information from a 
consumer's file or a credit score to the consumer.\2\ The FCRA also 
requires certain other persons to provide a Summary of Consumer Rights 
to consumers under specified circumstances.\3\
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    \2\ 15 U.S.C. 1681g(c)(2)(A) (requirement to provide a Summary 
of Consumer Rights with any written file disclosure). A consumer 
reporting agency must also provide an employer with a Summary of 
Consumer Rights before furnishing a consumer report for employment 
purposes. 15 U.S.C. 1681b(b)(1)(B) (requirement to provide a Summary 
of Consumer Rights with a report for employment purposes if the 
Summary of Consumer Rights has not been provided previously).
    \3\ See, e.g., 15 U.S.C. 1681b(b)(3) (generally requiring 
persons using a consumer report for employment purposes to provide 
the consumer with a Summary of Consumer Rights before taking any 
adverse action based on the report). The Bureau must also actively 
publicize the availability of the Summary of Consumer Rights, 
conspicuously post its availability on the Bureau's internet 
website, and promptly make it available to consumers, on request. 15 
U.S.C. 1681g(c)(1)(C).

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[[Page 47028]]

    The Summary of Consumer Identity Theft Rights explains the rights 
consumers have under the FCRA when they seek to remedy the effects of 
fraud or identity theft, including the right to place a fraud alert and 
block certain information from appearing in a consumer report. A 
consumer reporting agency must provide a Summary of Consumer Identity 
Theft Rights that contains all of the information required by the 
Bureau if a consumer contacts the consumer reporting agency and 
expresses a belief that the consumer is a victim of fraud or identity 
theft involving credit, an electronic fund transfer, or an account or 
transaction at or with a financial institution or other creditor.\4\
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    \4\ 15 U.S.C. 1681g(d)(2).
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    Regulation V provides that use or distribution of the Bureau's 
model forms and disclosures in Appendices I and K, or substantially 
similar forms and disclosures, will constitute compliance with any FCRA 
section or subsection requiring that such forms and disclosures be used 
by or supplied to any person.\5\ Substantially similar means that all 
information in the Bureau's prescribed model is included in the 
document that is distributed, and that the document distributed is 
formatted in a way consistent with the format prescribed by the 
Bureau.\6\ The document that is distributed cannot include anything 
that interferes with, detracts from, or otherwise undermines the 
information contained in the Bureau's prescribed model.\7\
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    \5\ 12 CFR 1022.1(c)(1).
    \6\ 12 CFR 1022.1(c)(2).
    \7\ Id.
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B. Economic Growth, Regulatory Relief, and Consumer Protection Act

    On May 24, 2018, the President signed the Act into law.\8\ Section 
301(a)(1) of the Act amends the FCRA to extend from 90 days to one year 
the minimum time that nationwide consumer reporting agencies must 
include an initial fraud alert in a consumer's file under FCRA section 
605A(a)(1)(A). Section 301(a)(2) of the Act adds new FCRA section 
605A(i), which requires nationwide consumer reporting agencies to 
provide national security freezes free of charge to consumers. At any 
time a consumer is required to receive a summary of rights required 
under FCRA section 609, new FCRA section 605A(i)(5) requires inclusion 
of a notice of rights regarding the right to obtain a security freeze. 
Section 301(c) of the Act provides that the amendments made by section 
301 of the Act take effect 120 days after the date of enactment, which 
is September 21, 2018.
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    \8\ Public Law 115-174, 132 Stat. 1296 (2018).
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III. Legal Authority

    The Bureau is issuing this interim final rule pursuant to its 
authority under the FCRA and the Dodd-Frank Wall Street Reform and 
Consumer Protection Act (Dodd-Frank Act).\9\ Effective July 21, 2011, 
section 1061 of the Dodd-Frank Act \10\ transferred to the Bureau the 
rulemaking and certain other authorities of the Federal Trade 
Commission (FTC) and the prudential regulators relating to the 
enumerated consumer laws, including most rulemaking authority under the 
FCRA.\11\ Likewise, section 1088 of the Dodd-Frank Act made conforming 
amendments to the FCRA transferring rulemaking authority under much of 
the FCRA to the Bureau,\12\ except those regulations applicable to 
certain motor vehicle dealers.\13\ As amended by the Dodd-Frank Act, 
the FCRA generally authorizes the Bureau to issue regulations ``as may 
be necessary or appropriate to administer and carry out the purposes 
and objectives of [the FCRA], and to prevent evasions thereof or to 
facilitate compliance therewith.'' \14\
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    \9\ Public Law 111-203, 124 Stat. 1376 (2010).
    \10\ 12 U.S.C. 5581.
    \11\ Section 1002(12)(F) of the Dodd-Frank Act designates most 
of the FCRA as an ``enumerated consumer law.''
    \12\ The Dodd-Frank Act did not, however, transfer to the Bureau 
rulemaking authority for FCRA sections 615(e) (``Red Flag Guidelines 
and Regulations Required'') and 628 (``Disposal of Records'').
    \13\ Dodd-Frank Act section 1029.
    \14\ Dodd-Frank Act section 1088(a)(10)(E) (codified at 15 
U.S.C. 1681s(e)).
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IV. Administrative Procedure Act

    Under the Administrative Procedure Act, notice and opportunity for 
public comment are not required if the Bureau for good cause finds that 
notice and public comment are impracticable, unnecessary, or contrary 
to the public interest.\15\ Similarly, publication of this interim 
final rule at least 30 days before its effective date is not required 
if provided for by the Bureau for good cause found.\16\
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    \15\ 5 U.S.C. 553(b)(B).
    \16\ 5 U.S.C. 553(d)(3).
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    The Bureau finds that prior notice and public comment are 
unnecessary because the revisions involve technical changes necessary 
for the regulation to contain model forms that comply with section 301 
of the Act. The revisions merely incorporate a new notice of rights 
required by the Act into the model forms, update the description of 
initial fraud alerts in the Summary of Consumer Identity Theft Rights 
to reflect the new minimum duration of initial fraud alerts specified 
in the Act, and make adjustments to update contact information for 
certain FCRA enforcement agencies in the Summary of Consumer Rights. 
The revisions also include in both model forms optional language 
clarifying that the security freeze right applies only to nationwide 
consumer reporting agencies. Entities that do not wish to use the new 
model forms may use substantially similar forms. They may also continue 
using the existing model forms (or substantially similar forms) to 
comply with the provisions in the FCRA that require such forms if they 
provide the notice of rights required by new FCRA section 605A(i)(5) on 
a separate page in the same transmittal and, for the Summary of 
Consumer Identity Theft Rights, a short explanation of the changed 
minimum duration of initial fraud alerts.
    The Bureau also finds that prior notice and public comment are 
impractical because notice and comment would afford insufficient time 
to finalize the revisions to the model forms necessary for them to 
comply with section 301 of the Act before the effective date of that 
section. If revisions to the model forms were not finalized prior to 
the effective date of the statutory changes, legal uncertainty and risk 
could arise as to how entities could comply with both the regulation 
and section 301 of the Act at the same time.
    The Bureau also finds that there is good cause for this interim 
final rule to be effective less than 30 days after publication to 
ensure that these necessary technical revisions to the model forms are 
in effect by the effective date of section 301 of the Act to avoid the 
legal uncertainty and risk that could arise as to how entities could 
comply with both the regulation and section 301 of the Act at the same 
time.
    For these reasons, the Bureau has determined that publishing a 
notice of proposed rulemaking and providing opportunity for prior 
public comment are unnecessary and impractical and that there is good 
cause for this interim final rule to be effective less than 30 days 
after publication.

[[Page 47029]]

V. Section-by-Section Analysis

Appendix I to Part 1022--Summary of Consumer Identity Theft Rights

    Effective September 21, 2018, FCRA section 605A(i)(5) requires that 
whenever a consumer is required to receive a summary of rights required 
under FCRA section 609, a notice of rights regarding the new security 
freeze right must be included. This notice of rights does not appear in 
the model form for the Summary of Consumer Identity Theft Rights 
currently in Appendix I. To conform to this statutory change, the 
Bureau is amending the model form in Appendix I to include the new 
required notice of rights.
    Under section 301 of the Act, a security freeze prohibits consumer 
reporting agencies that are described in FCRA section 603(p) 
(nationwide consumer reporting agencies) from releasing information 
subject to various exceptions. To clarify the scope of the new security 
freeze right under the FCRA, the Bureau has added a sentence before the 
new notice of rights in the model form in Appendix I stating that the 
following FCRA right applies with respect to nationwide consumer 
reporting agencies. The Bureau will regard the model form in Appendix I 
without this sentence as substantially similar to the model form in 
Appendix I and will regard use of the model form without this sentence 
to constitute compliance with the FCRA provisions requiring such forms.
    The model form for the Summary of Consumer Identity Theft Rights 
currently in Appendix I provides that ``[a]n initial fraud alert stays 
in your file for at least 90 days'' (emphasis in original). Effective 
September 21, 2018, section 301(a)(1) of the Act amends the FCRA to 
extend the minimum time from 90 days to one year that nationwide 
consumer reporting agencies must include fraud alerts in a consumer's 
file under FCRA section 605A(a)(1)(A). To conform to this statutory 
change, the Bureau is amending the model form in Appendix I to provide 
that ``[a]n initial fraud alert stays in your file for at least one 
year.''
    The Bureau recognizes that some entities may have already begun 
preparing to implement the Act and may be preparing Summaries of 
Consumer Identity Theft Rights that include the notice of rights 
required by FCRA section 605A(i)(5) in a different location on the form 
than shown on the new model form published today. The Bureau will 
regard use of forms that are the same as the model form published today 
but that include the notice of rights required by FCRA section 
605A(i)(5) in a different location on the form to constitute compliance 
with the FCRA provisions requiring the Summary of Consumer Identity 
Theft Rights and will regard such forms as substantially similar to the 
model form for the Summary of Consumer Identity Theft Rights published 
today.\17\
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    \17\ The Bureau will also regard use of forms that deviate in 
other ways from the model form published today but that are still 
substantially similar to the model form published today to 
constitute compliance with the FCRA provisions requiring the Summary 
of Consumer Identity Theft Rights.
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    The Bureau recognizes that some entities may find it less 
burdensome to include the notice of rights required by FCRA section 
605A(i)(5) on a separate page in the same transmittal with the Summary 
of Consumer Identity Theft Rights published on November 14, 2012, and 
to clarify in the separate page that the Act changed the minimum 
duration of initial fraud alerts from 90 days to one year. To mitigate 
the impact of the model form changes on users of the existing model 
forms, the Bureau will regard the use of the model form for the Summary 
of Consumer Identity Theft Rights published on November 14, 2012 (or a 
substantially similar form), with a separate page provided in the same 
transmittal that includes the notice of rights required by FCRA section 
605A(i)(5) and that states on the separate page, before or after the 
notice of rights required by FCRA section 605A(i)(5), that ``The 
minimum duration of initial fraud alerts changed from 90 days to one 
year effective September 21, 2018,'' to constitute compliance with the 
FCRA provisions requiring the Summary of Consumer Identity Theft 
Rights.\18\ The Bureau will regard the model form for the Summary of 
Consumer Identity Theft Rights published on November 14, 2012 (or a 
substantially similar form), provided with such a separate page, as 
substantially similar to the model form for the Summary of Consumer 
Identity Theft Rights published in this document.\19\
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    \18\ An entity using this approach need not include the sentence 
about the minimum duration of initial fraud alerts on the separate 
page if it changes ``90 days'' to ``one year'' in the model form for 
the Summary of Consumer Identity Theft Rights published on November 
14, 2012. Entities may also, at their option, add the following 
statement on the separate page before the notice of rights required 
by FCRA section 605A(i)(5): ``The following FCRA right applies with 
respect to nationwide consumer reporting agencies.''
    \19\ The use of the versions of the model forms in Appendices I, 
K, M, and N as published on December 21, 2011, should be 
discontinued no later than September 21, 2018. See 76 FR 79308 (Dec. 
21, 2011); 77 FR 67744 (Nov. 14, 2012); 81 FR 25323 (Apr. 28, 2016).
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Appendix K to Part 1022--Summary of Consumer Rights

    Effective September 21, 2018, FCRA section 605A(i)(5) requires that 
whenever a consumer is required to receive a summary of rights required 
under FCRA section 609, a notice of rights regarding the new security 
freeze right must be included. This notice does not appear in the model 
form for the Summary of Consumer Rights currently in Appendix K. To 
conform to this statutory change, the Bureau is amending the model form 
in Appendix K to include the new required notice of rights.
    Under section 301 of the Act, a security freeze prohibits consumer 
reporting agencies that are described in FCRA section 603(p) 
(nationwide consumer reporting agencies) from releasing information 
subject to various exceptions. To clarify the scope of the new security 
freeze right under the FCRA, the Bureau has added a sentence before the 
new notice of rights in the model form in Appendix K stating that the 
following FCRA right applies with respect to nationwide consumer 
reporting agencies. The Bureau will regard the model form in Appendix K 
without this sentence as substantially similar to the model form in 
Appendix K and will regard use of the model form without this sentence 
to constitute compliance with the FCRA provisions requiring such forms.
    The Bureau has also amended the model form in Appendix K to update 
contact information provided for certain FCRA enforcement agencies.
    The Bureau recognizes that some entities may have already begun 
preparing to implement the Act and may be preparing Summaries of 
Consumer Rights that include the notice of rights required by FCRA 
section 605A(i)(5) in a different location on the form than shown on 
the new model form published today. The Bureau will regard use of forms 
that are the same as the model form published today but that include 
the notice of rights required by FCRA section 605A(i)(5) in a different 
location on the form to constitute compliance with the FCRA provisions 
requiring the Summary of Consumer Rights and will regard such forms as 
substantially similar to the model form for the Summary of Consumer 
Rights published today.\20\
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    \20\ The Bureau will also regard use of forms that deviate in 
other ways from the model form published today but that are still 
substantially similar to the model form published today to 
constitute compliance with the FCRA provisions requiring the Summary 
of Consumer Rights.
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    The Bureau recognizes that some entities may find it less 
burdensome to

[[Page 47030]]

include the notice of rights required by FCRA section 605A(i)(5) on a 
separate page in the same transmittal with the Summary of Consumer 
Rights published on November 14, 2012. To mitigate the impact of these 
changes on users of the existing model forms, the Bureau will regard 
the use of the model form for the Summary of Consumer Rights published 
on November 14, 2012 (or a substantially similar form), with a separate 
page provided in the same transmittal that includes the notice of 
rights required by FCRA section 605A(i)(5), to constitute compliance 
with the FCRA provisions requiring the Summary of Consumer Rights.\21\ 
The Bureau will regard the model form for the Summary of Consumer 
Rights published on November 14, 2012 (or a substantially similar 
form), provided with such a separate page as substantially similar to 
the model form for the Summary of Consumer Rights published in this 
document.\22\
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    \21\ Entities may also, at their option, add the following 
statement on the separate page before the notice of rights required 
by FCRA section 605A(i)(5): ``The following FCRA right applies with 
respect to nationwide consumer reporting agencies.''
    \22\ See supra note 18.
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VI. Request for Comment

    The Bureau may consider possible further revisions to the model 
forms in Appendices I and K to Regulation V in the future. Although 
notice-and-comment rulemaking procedures are not required for the 
revisions made in this interim final rule, the Bureau invites comment 
on this interim final rule, implementation of the Act in the model 
forms, and any other changes that may be necessary or appropriate to 
the model forms in Appendices I and K to Regulation V.\23\
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    \23\ We note that, in 2010, the FTC proposed revisions to these 
and other model forms, but the rulemaking was not finalized. See 
Summary of Rights and Notices of Duties under the Fair Credit 
Reporting Act, 75 FR 52655 (Aug. 27, 2010).
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VII. Effective Date

    This interim final rule is effective on September 21, 2018.

VIII. Dodd-Frank Act Section 1022(b) Analysis

A. Overview

    In developing the interim final rule, the Bureau has considered the 
potential benefits, costs, and impacts required by section 1022(b)(2) 
of the Dodd-Frank Act. Specifically, section 1022(b)(2) calls for the 
Bureau to consider the potential benefits and costs of a regulation to 
consumers and covered persons, including the potential reduction of 
access by consumers to consumer financial products or services, the 
impact on depository institutions and credit unions with $10 billion or 
less in total assets as described in section 1026 of the Dodd-Frank 
Act, and the impact on consumers in rural areas. In addition, section 
1022(b)(2)(B) directs the Bureau to consult, before and during the 
rulemaking, with appropriate prudential regulators or other Federal 
agencies, regarding consistency with objectives those agencies 
administer. The Bureau has consulted, or offered to consult, with the 
prudential regulators and the FTC regarding consistency with any 
prudential, market, or systemic objectives administered by those 
agencies.
    In considering the relevant potential benefits, costs, and impacts, 
the Bureau consulted the available data and applied its knowledge and 
expertise concerning consumer financial markets. Where available, the 
Bureau used the economic analyses that it regards as most reliable and 
helpful to consider the relevant potential benefits, costs, and impacts 
of the interim final rule. However, the Bureau notes that, in some 
instances, there are limited data available to inform the 
quantification of the potential benefits, costs, and impacts. Where 
possible, the Bureau makes quantitative estimates based on economic 
principles as well as available data. However, where data are limited, 
the Bureau generally provides a qualitative discussion of the interim 
final rule's potential benefits, costs, and impacts.
    The Bureau is using a post-statute baseline to assess the impact of 
this interim final rule. Using a post-statute baseline, the analysis 
evaluates the benefits, costs, and impacts of the interim final rule as 
compared to enactment of the statute alone. A post-statute baseline 
focuses the consideration of the benefits, costs, and impacts on the 
amendments in this interim final rule, which are technical and do not 
impose any new substantive obligations on regulated entities.\24\
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    \24\ The Bureau has discretion in future rulemakings to choose 
the relevant provisions to discuss and the most appropriate baseline 
for that particular rulemaking. The Bureau also considers the 
benefits, costs, and impacts of certain other requirements in new 
FCRA section 605A(i) related to the new disclosure requirements 
where doing so provides a more complete understanding of the impacts 
of these requirements on consumers and covered persons.
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    As discussed above, the interim final rule amends Regulation V, 
which implements the FCRA, to reflect new FCRA section 605A(i), added 
by the Act. Under the interim final rule, the Bureau is amending two 
model forms in Regulation V to conform to new FCRA section 605A(i)(5). 
The amended model form in Regulation V, Appendix K, the Summary of 
Consumer Rights, reflects two changes relative to the current model 
form: The addition of a notice of rights that details the consumer's 
right to a security freeze; and an update to the contact information 
listed for certain FCRA enforcement agencies. The amended model form in 
Regulation V, Appendix I, the Summary of Consumer Identity Theft 
Rights, reflects two changes relative to the current model form: The 
addition of the same notice of rights detailing the consumer's right to 
a security freeze that has been added to the Summary of Consumer 
Rights; and an update to the disclosed minimum amount of time that an 
initial fraud alert stays in a consumer's file. The rule also includes 
in both model forms optional language clarifying that the security 
freeze right applies only to nationwide consumer reporting agencies.
    Rather than requiring entities subject to the interim final rule to 
use the new model forms, the interim final rule allows entities to 
comply in a variety of ways. These include, for example: (1) Allowing 
entities to continue to use the current forms while also including a 
separate page that includes the new statutorily prescribed notice of 
rights and, with respect to the disclosure in Appendix I, either 
highlighting in the separate page the change from 90 days to one year 
for the minimum duration of initial fraud alerts or updating the 
current forms to include the change in the minimum duration of initial 
fraud alerts; or (2) allowing entities flexibility as to the placement 
of the new notice of rights on the forms. For the purpose of this 
analysis, the Bureau does not differentiate between which of these 
methods of compliance an entity chooses, and these methods are 
collectively referred to as the ``alternative approach.''
    Regarding baseline behavior and practices, the Bureau assumes that 
if the interim final rule were not adopted, entities subject to the 
rule would comply with both new FCRA section 605A(i)(5) and current 
Regulation V. For the purpose of this analysis, the Bureau assumes that 
if the interim final rule were not adopted, to convey the information 
required by new FCRA section 605A(i)(5) along with the information 
contained in either of the current model forms under current Regulation 
V, entities subject to the rule would comply in a manner that is 
substantially similar to the alternative approach described above, 
using two

[[Page 47031]]

double-sided sheets of standard printer paper.\25\
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    \25\ The Summary of Consumer Rights model form in current 
Regulation V can be printed on three sides of standard printer 
paper. Since the new information required by new FCRA section 
605A(i)(5) can be printed on a single side, the combination of these 
disclosures should take no more than four sides of paper, or two 
double-sided sheets of paper. The Summary of Consumer Identity Theft 
Rights model form in current Regulation V can be printed on two 
sides of standard printer paper. Therefore, the combination of this 
disclosure and the information required by new FCRA section 
605A(i)(5) should take no more than three sides of paper, or the 
equivalent of two double-sided sheets of paper.
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    As this analysis details below, the similarity between the 
alternative approach and the assumed behavior and practices under the 
baseline result in the Bureau estimating minimal additional costs under 
the interim final rule. Where illuminating, the Bureau also considers 
the costs to entities of adopting the amended model forms. These 
analyses demonstrate that the Bureau's estimate of costs is not 
affected by whether entities adopt the model form or use the 
alternative approach.

B. Potential Benefits and Costs to Consumers and Covered Persons

Benefits
    The impact on consumers of the interim final rule depends on 
whether a particular consumer prefers, or would otherwise benefit from, 
receiving the amended disclosures.\26\ As described above, this 
analysis assumes that entities subject to the rule would provide the 
information required by both new FCRA section 605A(i)(5) and current 
Regulation V, even if this rule were not adopted. However, this rule 
provides entities with the option to provide the information from these 
two sources under the unified disclosure designs of the amended model 
forms. The Bureau expects that these unified designs will make finding 
and comprehending information easier for consumers relative to the 
baseline by lowering the cost to consumers of information search and 
processing. The precise magnitude of this benefit to consumers is 
difficult to quantify because the Bureau does not have data regarding 
how much individual consumers value it. However, the Bureau can 
estimate, broadly, the scope of consumers who may benefit. Prior to the 
Act, of the consumers who experienced one or more attempted or 
successful incidents of identity theft and who also contacted a 
consumer reporting agency, approximately 70 percent requested a fraud 
alert be placed on their file.\27\ This large proportion reflects a 
substantial consumer demand for this service.\28\ Similarly, prior to 
the Act, about 40 percent of consumers who experienced one or more 
attempted or successful incidents of identity theft, and who also 
contacted a consumer reporting agency, requested a security freeze.\29\ 
After the Act, the Bureau expects demand for fraud alerts and security 
freezes will increase; \30\ and, of the consumers who demand these 
services, some will become informed through the disclosures required by 
Regulation V and new FCRA section 605A(i)(5). These consumers are 
likely to benefit from this rule through lower information search and 
processing costs relative to the baseline, as described above.
---------------------------------------------------------------------------

    \26\ Benefits will also depend on the extent to which entities 
adopt the model forms or substantially similar forms (rather than 
using the alternative approach). Since each rule is unique, the 
Bureau does not have data that would allow it to reliably estimate 
adoption rates. However, in general, greater adoption of the model 
forms or substantially similar disclosures will lead to a greater 
benefit of this rule.
    \27\ U.S. Dep't. of Justice, Victims of Identity Theft, 2014 at 
1, 18 (Sept. 27, 2015), available at https://www.bjs.gov/index.cfm?ty=pbdetail&iid=5408.
    \28\ The Bureau assumes about one million consumers contact 
consumer reporting agencies requesting fraud alerts annually. This 
estimate is based on survey data from the U.S. Department of 
Justice. Approximately 17.6 million people were victims of identity 
theft in 2014, and an estimated 8.1 percent contacted a consumer 
reporting agency. See id.
    \29\ See id.
    \30\ The Act provides, and prescribes the disclosure of, new 
rights to consumers. The Bureau expects that these new rights will 
be of value to consumers, and that these new disclosures will help 
to inform consumers of their rights.
---------------------------------------------------------------------------

    Regarding benefits to industry, this interim final rule harmonizes 
Regulation V with the FCRA, as amended by the Act. The Bureau intends 
to reduce legal uncertainty and risk in the industry regarding 
responsibilities and liabilities among market participants about how 
they may comply with both the statute and Regulation V at the same 
time. There may be a general benefit from the certainty and risk 
reduction provided through this harmonization. However, without data on 
how entities would comply with the statute and Regulation V absent this 
interim final rule, the Bureau cannot quantify the benefit of this 
additional certainty.
Costs
    The Bureau estimates minimal additional costs under the interim 
final rule. The Bureau does not anticipate any additional one-time 
costs due to this rule, relative to the baseline. Regarding ongoing 
costs, this interim final rule does not alter the circumstances under 
which disclosures under the FCRA are required. Nor does the Bureau 
estimate any additional costs to providing disclosures due to this 
rule, relative to the baseline. Nonetheless, this analysis considers 
each of the potential sources of cost for each of the disclosures that 
are updated by this interim final rule, given the baseline, including: 
Development of new disclosure templates, destruction or disposal of 
out-of-date materials, changes to production of disclosures, and 
changes to delivery of disclosures.
Summary of Consumer Rights
    The Bureau believes that the costs of this interim final rule of 
development of a new Summary of Consumer Rights disclosure template, or 
destruction or disposal of out-of-date materials, will be minimal. As 
stated above, the Bureau believes that the alternative approach allowed 
by this rule is substantially similar to how entities would comply with 
both new FCRA section 605A(i)(5) and current Regulation V if this 
interim final rule were not adopted. The Bureau therefore expects that 
to come into compliance with this rule, relative to the baseline, 
entities subject to the rule will not incur additional costs to update 
disclosure templates or to destroy, or dispose of, out-of-date 
materials.\31\
---------------------------------------------------------------------------

    \31\ If entities were to choose to adopt the model form, or if 
this analysis were to adopt a pre-statute baseline, the Bureau would 
continue to estimate these costs to be small. Because the Bureau is 
providing model forms, it believes the cost of developing new 
disclosure templates would be small. Because the Bureau is allowing 
the alternative approach, it believes that entities could use their 
old stock rather than destroying or disposing of it.
---------------------------------------------------------------------------

    Regarding production and delivery of the Summary of Consumer Rights 
disclosure, there are two relevant classes of recipients: Consumers and 
employers. The Bureau estimates additional costs under the interim 
final rule to be very small for production and delivery to either 
class. Each is considered separately below.
    For production and delivery to consumers, the Bureau estimates 
minimal additional costs under the interim final rule. The Bureau 
expects that the alternative approach will take two double-sided sheets 
to be printed, which is the same number of sheets as under the approach 
the Bureau assumes entities will take under the baseline.\32\ Since the 
printing needs are the same, there are no additional costs.\33\ It is

[[Page 47032]]

possible that use of the alternative approach could result in an entity 
using a third sheet of paper to produce the disclosure; however, the 
Bureau believes that any entity choosing to use an extra sheet of paper 
under the interim final rule would also choose to do so under the 
baseline.\34\
---------------------------------------------------------------------------

    \32\ The Bureau typically accounts for printing costs in terms 
of the cost of double-sided printing on standard 8.5 inch by 11 inch 
printer paper. However, this interim final rule does not specify how 
entities print or the size of the paper they use. Indeed, the Bureau 
expects that each entity will use the method of printing that is 
least costly to it.
    \33\ The Bureau also assumes there to be no substantial cost of 
electronic distribution, and therefore that there is no change in 
costs, regardless of the chosen method of delivery.
    \34\ If entities were to adopt the model form, then the Bureau 
would continue to estimate these costs to be small because the 
amended Summary of Consumer Rights model form disclosure takes two 
double-sided sheets to be printed, which is the same number of 
sheets as under the approach the Bureau assumes entities will take 
under the baseline.
    If this analysis were to adopt a pre-statute baseline, then this 
analysis would still estimate minimal additional costs due to this 
part of the rule. When printed on double-sided sheets, the 
disclosure under current Regulation V takes two sheets of standard 
printer paper, which is the same number of sheets as under both the 
amended model form and the alternative approach under this interim 
final rule. Although this rule does technically imply that 
additional ink would be used relative to printing the current 
disclosure, the Bureau typically estimates a total cost per sheet of 
printing inclusive of paper costs, depreciation of printing 
hardware, and the ink required for a double-sided, completely 
printed, sheet. Therefore, the implied cost of additional ink would 
already have been counted in the cost of previous rules.
---------------------------------------------------------------------------

    For production and delivery to employers, the Bureau estimates 
minimal additional costs under the interim final rule. Under the FCRA, 
employers must be provided a copy of the Summary of Consumer Rights 
disclosure by a consumer reporting agency before the consumer reporting 
agency furnishes a consumer report for employment purposes, unless the 
consumer reporting agency already provided a copy of the disclosure to 
that employer. The Bureau believes that, under the baseline, consumer 
reporting agencies will provide an updated copy of the Summary of 
Consumer Rights to employers once the Act takes effect. However, 
because the Bureau assumes that consumer reporting agencies' baseline 
approach will be substantially similar to the alternative approach 
under this interim final rule, the Bureau estimates the cost to sending 
an updated copy to employers to be the same under the rule as under the 
baseline.\35\
---------------------------------------------------------------------------

    \35\ If entities were to adopt the model form, then the Bureau 
would continue to estimate additional costs to be small because the 
amended Summary of Consumer Rights model form disclosure takes two 
double-sided sheets to be printed, which is the same number of 
sheets as under the approach the Bureau assumes entities will take 
under the baseline.
    If this analysis were to adopt a pre-statute baseline, the 
Bureau would estimate a one-time cost to consumer reporting agencies 
of between $0 and $435,000, depending on the method by which the 
disclosures are delivered. This estimate assumes printing costs of 
$0.20 per disclosure (two sheets * $0.10 per sheet), and postage 
cost of $0.375 per disclosure. See U.S. Postal Serv., Postal 
Explorer--Price List, https://pe.usps.com/text/dmm300/Notice123.htm#_c096. It further assumes that there are approximately 
757,310 employers in the United States that use consumer reports for 
employment purposes, and that each employer requests consumer 
reports from at most one consumer reporting agency. This estimated 
number of employers comes from the fact that there are approximately 
5,726,160 firms in the United States that have employees (2014) and 
a survey which reported that 13 percent of employers use credit 
reports to screen candidates for all positions. The reported range 
of potential cost depends on the proportion of disclosures assumed 
to be sent electronically. If all disclosures were sent 
electronically, the estimated cost would be approximately $0. 
However, if all disclosures were sent via U.S. mail, the estimated 
cost would be approximately $435,000 (($0.20 + $0.375)*757,310). See 
U.S. Small Bus. Admin., Firm Size Data, available at https://www.sba.gov/advocacy/firm-size-data and Society for Human Res. 
Mgmt., Background Checking--The Use of Credit Background Checks in 
Hiring Decisions (July 19, 2012), available at https://www.shrm.org/hr-today/trends-and-forecasting/research-and-surveys/Pages/creditbackgroundchecks.aspx.
---------------------------------------------------------------------------

Summary of Consumer Identity Theft Rights
    For the same reasons described in the previous part, the Bureau 
believes that the additional costs under this interim final rule of 
development of a new Summary of Consumer Identity Theft Rights 
disclosure template, or destruction or disposal of out-of-date 
materials, will be minimal.
    Regarding production and delivery of the Summary of Consumer 
Identity Theft Rights disclosure, the Bureau estimates the total change 
in costs will be very small. The Bureau expects that the alternative 
approach will take no more than two double-sided sheets to be printed, 
which is the same number of sheets as under the approach the Bureau 
assumes entities will take under the baseline. Since the printing needs 
are the same, there are no new costs.\36\
---------------------------------------------------------------------------

    \36\ This analysis assumes there to be no substantial cost of 
electronic distribution, and therefore no change in costs, 
regardless of the chosen method of delivery.
    If entities were to choose to adopt the model form, the Bureau 
would continue to estimate the costs to be very small because the 
amended Summary of Consumer Identity Theft Rights model form 
disclosure takes two double-sided sheets to be printed, which is the 
same number of sheets as under the approach the Bureau assumes 
entities will take under the baseline.
    If this analysis were to adopt a pre-statute baseline, printing 
the amended Summary of Consumer Identity Theft Rights model form 
would use one additional sheet of paper relative to the current 
model form, and the total change in costs would be between $0 and 
approximately $140,000 annually, depending on the methods by which 
consumer reporting agencies distribute their disclosures. These 
estimates assume additional printing costs of $0.10 per disclosure 
(one sheet * $0.10 per sheet), but no additional postage cost (the 
cost to send a business class letter via the USPS is the same 
whether it contains one or two sheets of paper). In addition, these 
estimates assume that about 1.4 million consumers contact consumer 
reporting agencies regarding identity theft. See supra note 26.
    An estimated 42 percent of consumers submit disputes to consumer 
reporting agencies online, 44 percent by mail, 13 percent by phone, 
and the remainder by fax, walk-ins, or other methods (which the 
Bureau assumes result in burden resembling disputes submitted by 
mail). Under the assumptions that these methods of contact are 
representative of consumer behavior across products, and that 
consumer reporting agencies respond in-kind to electronic disputes 
but respond to all other methods of consumer contact via U.S. mail, 
42 percent of these disclosures would be sent electronically, and 58 
percent would be sent via U.S. mail. This would result in an 
expected cost to consumer reporting agencies of approximately 
$81,200 annually. See Bureau of Consumer Fin. Protection, Key 
Dimensions and Processes in the U.S. Credit Reporting System 27 
(Dec. 2012), available at http://files.consumerfinance.gov/f/201212_cfpb_credit-reporting-white-paper.pdf.
---------------------------------------------------------------------------

    The Bureau does not anticipate that the interim final rule will 
generate costs for consumers, given the baseline.

C. Potential Specific Impacts of the Rule

    This analysis estimates minimal additional costs under the interim 
final rule, and therefore the Bureau does not believe that the rule 
would reduce consumers' access to consumer financial products or 
services.
    The Bureau does not expect the interim final rule to have distinct 
impacts on depository institutions and credit unions with $10 billion 
or less in total assets or on consumers in rural areas, relative to 
other entities or consumers.

IX. Regulatory Flexibility Act Analysis

    The Regulatory Flexibility Act (RFA) does not apply to a rulemaking 
where general notice of proposed rulemaking is not required.\37\ As 
noted previously, the Bureau has determined that it is unnecessary to 
publish a general notice of proposed rulemaking for this interim final 
rule. Accordingly the RFA's requirements relating to an initial and 
final regulatory flexibility analysis do not apply.
---------------------------------------------------------------------------

    \37\ 5 U.S.C. 603(a), 604(a).
---------------------------------------------------------------------------

X. Paperwork Reduction Act

    The Bureau has determined that the interim final rule does not 
impose any new or revise any existing recordkeeping, reporting, or 
disclosure requirements on covered entities or members of the public 
that would be collections of information requiring approval by the 
Office of Management and Budget under the Paperwork Reduction Act, 44 
U.S.C. 3501 et seq.

XI. Congressional Review Act

    Pursuant to the Congressional Review Act,\38\ the Bureau will 
submit a report containing this rule and other required information to 
the U.S. Senate, the U.S. House of Representatives, and the

[[Page 47033]]

Comptroller General of the United States prior to the rule's published 
effective date. The Office of Information and Regulatory Affairs has 
designated this rule as not a ``major rule'' as defined by 5 U.S.C. 
804(2).
---------------------------------------------------------------------------

    \38\ 5 U.S.C. 801 et seq.
---------------------------------------------------------------------------

List of Subjects

    Banks, Banking, Consumer protection, Credit unions, Fair Credit 
Reporting Act, Holding companies, National banks, Privacy, Reporting 
and recordkeeping requirements, Savings associations, State member 
banks.

Authority and Issuance

    For the reasons set forth above, the Bureau amends Regulation V, 12 
CFR part 1022, as set forth below:

PART 1022--FAIR CREDIT REPORTING (REGULATION V)

0
1. The authority citation for part 1022 continues to read as follows:

    Authority:  12 U.S.C. 5512, 5581; 15 U.S.C. 1681a, 1681b, 1681c, 
1681c-1, 1681e, 1681g, 1681i, 1681j, 1681m, 1681s, 1681s-2, 1681s-3, 
and 1681t; Sec. 214, Public Law 108-159, 117 Stat. 1952.

0
2. Revise Appendix I to read as follows:

Appendix I to Part 1022--Summary of Consumer Identity Theft Rights

    The prescribed form for this summary is a disclosure that is 
substantially similar to the Bureau's model summary with all 
information clearly and prominently displayed. A summary should 
accurately reflect changes to those items that may change over time 
(such as telephone numbers) to remain in compliance. Translations of 
this summary will be in compliance with the Bureau's prescribed 
model, provided that the translation is accurate and that it is 
provided in a language used by the recipient consumer.


[[Page 47034]]


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[[Page 47035]]


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[[Page 47036]]


[GRAPHIC] [TIFF OMITTED] TR18SE18.008


[[Page 47037]]



0
3. Revise Appendix K to read as follows:

Appendix K to Part 1022--Summary of Consumer Rights

    The prescribed form for this summary is a disclosure that is 
substantially similar to the Bureau's model summary with all 
information clearly and prominently displayed. The list of Federal 
regulators that is included in the Bureau's prescribed summary may 
be provided separately so long as this is done in a clear and 
conspicuous way. A summary should accurately reflect changes to 
those items that may change over time (e.g., dollar amounts, or 
telephone numbers and addresses of Federal agencies) to remain in 
compliance. Translations of this summary will be in compliance with 
the Bureau's prescribed model, provided that the translation is 
accurate and that it is provided in a language used by the recipient 
consumer.
 BILLING CODE 4810-AM-P

[[Page 47038]]

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[[Page 47039]]


[GRAPHIC] [TIFF OMITTED] TR18SE18.010


[[Page 47040]]


[GRAPHIC] [TIFF OMITTED] TR18SE18.011


[[Page 47041]]


[GRAPHIC] [TIFF OMITTED] TR18SE18.012



[[Page 47042]]


    Dated: September 11, 2018.
Mick Mulvaney,
Acting Director, Bureau of Consumer Financial Protection.
[FR Doc. 2018-20184 Filed 9-17-18; 8:45 am]
 BILLING CODE 4810-AM-C



                                                                                                                                                                                                      47027

                                             Rules and Regulations                                                                                         Federal Register
                                                                                                                                                           Vol. 83, No. 181

                                                                                                                                                           Tuesday, September 18, 2018



                                             This section of the FEDERAL REGISTER                    Because paper mail in the Washington,                 Appendices I and K on November 14,
                                             contains regulatory documents having general            DC area and at the Bureau is subject to               2012, to constitute compliance with the
                                             applicability and legal effect, most of which           delay, commenters are encouraged to                   FCRA provisions requiring such forms,
                                             are keyed to and codified in the Code of                submit comments electronically. In                    so long as a separate page that contains
                                             Federal Regulations, which is published under           general, all comments received will be                the additional required information is
                                             50 titles pursuant to 44 U.S.C. 1510.
                                                                                                     posted without change to http://                      provided in the same transmittal. The
                                             The Code of Federal Regulations is sold by              www.regulations.gov. In addition,                     Bureau is soliciting comment on the
                                             the Superintendent of Documents.                        comments will be available for public                 interim final rule’s amendments to
                                                                                                     inspection and copying at 1700 G Street               Appendices I and K to inform possible
                                                                                                     NW, Washington, DC 20552, on official                 further revisions to the model forms that
                                             BUREAU OF CONSUMER FINANCIAL                            business days between the hours of                    the Bureau may consider in the future.
                                             PROTECTION                                              10:00 a.m. and 5:00 p.m. Eastern Time.                II. Background
                                                                                                     You can make an appointment to
                                             12 CFR Part 1022                                        inspect the documents by telephoning                  A. Summaries of Rights Required by the
                                             [Docket No. CFPB–2018–0025]                             202–435–7275.                                         FCRA
                                                                                                        All comments, including attachments                   Section 609 of the FCRA requires the
                                             RIN 3170–AA82
                                                                                                     and other supporting materials, will                  Bureau to prepare two consumer
                                             Summaries of Rights Under the Fair                      become part of the public record and                  disclosures: A model summary of rights
                                             Credit Reporting Act (Regulation V)                     subject to public disclosure. Sensitive               to obtain and dispute information in
                                                                                                     personal information, such as account                 consumer reports and to obtain credit
                                             AGENCY:  Bureau of Consumer Financial                   numbers or Social Security numbers,                   scores (Summary of Consumer Rights);
                                             Protection.                                             should not be included. Comments will                 and a model summary of rights of
                                             ACTION: Interim final rule with request                 not be edited to remove any identifying               identity theft victims (Summary of
                                             for public comment.                                     or contact information.                               Consumer Identity Theft Rights).1 The
                                                                                                     FOR FURTHER INFORMATION CONTACT: Seth                 Bureau’s model forms for the Summary
                                             SUMMARY:    The Bureau of Consumer                      Caffrey, David Hixson, Amanda Quester,                of Consumer Identity Theft Rights and
                                             Financial Protection (Bureau) is issuing                or Pavneet Singh, Senior Counsels,                    the Summary of Consumer Rights are
                                             an interim final rule to update the                     Office of Regulations, at 202–435–7700                found in Appendices I and K to
                                             Bureau’s model forms for the Summary                    or https://reginquiries.consumer                      Regulation V, respectively.
                                             of Consumer Identity Theft Rights and                   finance.gov/. If you require this                        The Summary of Consumer Rights
                                             the Summary of Consumer Rights to                       document in an alternative electronic                 explains certain major consumer rights
                                             incorporate a notice of rights required                 format, please contact CFPB_                          under the FCRA, including the right to
                                             by a new provision of the Fair Credit                   Accessibility@cfpb.gov.                               obtain a copy of a consumer report, the
                                             Reporting Act, added by the Economic                    SUPPLEMENTARY INFORMATION:                            frequency and circumstances under
                                             Growth, Regulatory Relief, and                                                                                which a consumer is entitled to receive
                                             Consumer Protection Act.                                I. Summary of the Interim Final Rule                  a free consumer report, the right to
                                             DATES: This interim final rule is                          Effective September 21, 2018, new                  dispute information in a consumer’s
                                             effective on September 21, 2018.                        section 605A(i)(5) of the Fair Credit                 file, and the right to obtain a credit
                                             Comments must be received on or                         Reporting Act (FCRA), added by the                    score. A consumer reporting agency
                                             before November 19, 2018.                               Economic Growth, Regulatory Relief,                   must provide a Summary of Consumer
                                             ADDRESSES: You may submit comments,                     and Consumer Protection Act (the Act),                Rights whenever it makes a written
                                             identified by Docket No. CFPB–2018–                     requires that a new notice of rights be               disclosure of information from a
                                             0025 or RIN 3170–AA82, by any of the                    included whenever a consumer is                       consumer’s file or a credit score to the
                                             following methods:                                      required to receive a summary of rights               consumer.2 The FCRA also requires
                                                • Email: FederalRegisterComments@                    required by FCRA section 609. This new                certain other persons to provide a
                                             cfpb.gov. Include Docket No. CFPB–                      notice of rights does not appear in the               Summary of Consumer Rights to
                                             2018–0025 or RIN 3170–AA82 in the                       model forms currently in Appendices I                 consumers under specified
                                             subject line of the email.                              and K, which were published on                        circumstances.3
                                                • Federal eRulemaking Portal: http://                November 14, 2012. The interim final
                                                                                                                                                             1 15  U.S.C. 1681g(c)(1)(A), (d)(1).
                                             www.regulations.gov. Follow the                         rule amends the model forms to
                                                                                                                                                             2 15  U.S.C. 1681g(c)(2)(A) (requirement to provide
                                             instructions for submitting comments.                   incorporate the new required notice of
                                                                                                                                                           a Summary of Consumer Rights with any written
                                                • Mail: Comment Intake, Bureau of                    rights, amends the model form in                      file disclosure). A consumer reporting agency must
                                             Consumer Financial Protection, 1700 G                   Appendix I to reflect a statutory change              also provide an employer with a Summary of
                                             Street NW, Washington, DC 20552.                        to the minimum duration of initial fraud              Consumer Rights before furnishing a consumer
                                                • Hand Delivery/Courier: Comment                     alerts, and makes adjustments to update               report for employment purposes. 15 U.S.C.
                                                                                                                                                           1681b(b)(1)(B) (requirement to provide a Summary
                                             Intake, Bureau of Consumer Financial                    contact information for certain FCRA
daltland on DSKBBV9HB2PROD with RULES




                                                                                                                                                           of Consumer Rights with a report for employment
                                             Protection, 1700 G Street NW,                           enforcement agencies in the model form                purposes if the Summary of Consumer Rights has
                                             Washington, DC 20552.                                   in Appendix K. To mitigate the impact                 not been provided previously).
                                                                                                                                                              3 See, e.g., 15 U.S.C. 1681b(b)(3) (generally
                                                Instructions: All submissions should                 of these changes on users of the existing
                                                                                                                                                           requiring persons using a consumer report for
                                             include the agency name and docket                      model forms, the interim final rule also              employment purposes to provide the consumer
                                             number or Regulatory Information                        provides that the Bureau will regard the              with a Summary of Consumer Rights before taking
                                             Number (RIN) for this rulemaking.                       use of the model forms published in                                                               Continued




                                        VerDate Sep<11>2014   16:42 Sep 17, 2018   Jkt 244001   PO 00000   Frm 00001   Fmt 4700   Sfmt 4700   E:\FR\FM\18SER1.SGM   18SER1


                                             47028            Federal Register / Vol. 83, No. 181 / Tuesday, September 18, 2018 / Rules and Regulations

                                                The Summary of Consumer Identity                      FCRA section 605A(i)(5) requires                     section 301 of the Act. The revisions
                                             Theft Rights explains the rights                         inclusion of a notice of rights regarding            merely incorporate a new notice of
                                             consumers have under the FCRA when                       the right to obtain a security freeze.               rights required by the Act into the
                                             they seek to remedy the effects of fraud                 Section 301(c) of the Act provides that              model forms, update the description of
                                             or identity theft, including the right to                the amendments made by section 301 of                initial fraud alerts in the Summary of
                                             place a fraud alert and block certain                    the Act take effect 120 days after the               Consumer Identity Theft Rights to
                                             information from appearing in a                          date of enactment, which is September                reflect the new minimum duration of
                                             consumer report. A consumer reporting                    21, 2018.                                            initial fraud alerts specified in the Act,
                                             agency must provide a Summary of                         III. Legal Authority                                 and make adjustments to update contact
                                             Consumer Identity Theft Rights that                                                                           information for certain FCRA
                                             contains all of the information required                    The Bureau is issuing this interim
                                                                                                      final rule pursuant to its authority under           enforcement agencies in the Summary
                                             by the Bureau if a consumer contacts the                                                                      of Consumer Rights. The revisions also
                                             consumer reporting agency and                            the FCRA and the Dodd-Frank Wall
                                                                                                      Street Reform and Consumer Protection                include in both model forms optional
                                             expresses a belief that the consumer is
                                                                                                      Act (Dodd-Frank Act).9 Effective July                language clarifying that the security
                                             a victim of fraud or identity theft
                                             involving credit, an electronic fund                     21, 2011, section 1061 of the Dodd-                  freeze right applies only to nationwide
                                             transfer, or an account or transaction at                Frank Act 10 transferred to the Bureau               consumer reporting agencies. Entities
                                             or with a financial institution or other                 the rulemaking and certain other                     that do not wish to use the new model
                                             creditor.4                                               authorities of the Federal Trade                     forms may use substantially similar
                                                Regulation V provides that use or                     Commission (FTC) and the prudential                  forms. They may also continue using the
                                             distribution of the Bureau’s model forms                 regulators relating to the enumerated                existing model forms (or substantially
                                             and disclosures in Appendices I and K,                   consumer laws, including most                        similar forms) to comply with the
                                             or substantially similar forms and                       rulemaking authority under the FCRA.11               provisions in the FCRA that require
                                             disclosures, will constitute compliance                  Likewise, section 1088 of the Dodd-                  such forms if they provide the notice of
                                             with any FCRA section or subsection                      Frank Act made conforming                            rights required by new FCRA section
                                             requiring that such forms and                            amendments to the FCRA transferring                  605A(i)(5) on a separate page in the
                                             disclosures be used by or supplied to                    rulemaking authority under much of the               same transmittal and, for the Summary
                                             any person.5 Substantially similar                       FCRA to the Bureau,12 except those                   of Consumer Identity Theft Rights, a
                                             means that all information in the                        regulations applicable to certain motor
                                                                                                                                                           short explanation of the changed
                                             Bureau’s prescribed model is included                    vehicle dealers.13 As amended by the
                                                                                                                                                           minimum duration of initial fraud
                                             in the document that is distributed, and                 Dodd-Frank Act, the FCRA generally
                                                                                                                                                           alerts.
                                             that the document distributed is                         authorizes the Bureau to issue
                                             formatted in a way consistent with the                   regulations ‘‘as may be necessary or                    The Bureau also finds that prior
                                             format prescribed by the Bureau.6 The                    appropriate to administer and carry out              notice and public comment are
                                             document that is distributed cannot                      the purposes and objectives of [the                  impractical because notice and
                                             include anything that interferes with,                   FCRA], and to prevent evasions thereof               comment would afford insufficient time
                                             detracts from, or otherwise undermines                   or to facilitate compliance therewith.’’ 14          to finalize the revisions to the model
                                             the information contained in the                         IV. Administrative Procedure Act                     forms necessary for them to comply
                                             Bureau’s prescribed model.7                                                                                   with section 301 of the Act before the
                                                                                                         Under the Administrative Procedure                effective date of that section. If revisions
                                             B. Economic Growth, Regulatory Relief,                   Act, notice and opportunity for public               to the model forms were not finalized
                                             and Consumer Protection Act                              comment are not required if the Bureau               prior to the effective date of the
                                               On May 24, 2018, the President                         for good cause finds that notice and
                                                                                                                                                           statutory changes, legal uncertainty and
                                             signed the Act into law.8 Section                        public comment are impracticable,
                                                                                                                                                           risk could arise as to how entities could
                                             301(a)(1) of the Act amends the FCRA                     unnecessary, or contrary to the public
                                                                                                                                                           comply with both the regulation and
                                             to extend from 90 days to one year the                   interest.15 Similarly, publication of this
                                                                                                      interim final rule at least 30 days before           section 301 of the Act at the same time.
                                             minimum time that nationwide
                                             consumer reporting agencies must                         its effective date is not required if                   The Bureau also finds that there is
                                             include an initial fraud alert in a                      provided for by the Bureau for good                  good cause for this interim final rule to
                                             consumer’s file under FCRA section                       cause found.16                                       be effective less than 30 days after
                                             605A(a)(1)(A). Section 301(a)(2) of the                     The Bureau finds that prior notice and            publication to ensure that these
                                             Act adds new FCRA section 605A(i),                       public comment are unnecessary                       necessary technical revisions to the
                                             which requires nationwide consumer                       because the revisions involve technical              model forms are in effect by the
                                             reporting agencies to provide national                   changes necessary for the regulation to              effective date of section 301 of the Act
                                             security freezes free of charge to                       contain model forms that comply with                 to avoid the legal uncertainty and risk
                                             consumers. At any time a consumer is                       9 Public
                                                                                                                                                           that could arise as to how entities could
                                                                                                                 Law 111–203, 124 Stat. 1376 (2010).
                                             required to receive a summary of rights                    10 12
                                                                                                                                                           comply with both the regulation and
                                                                                                              U.S.C. 5581.
                                             required under FCRA section 609, new                       11 Section 1002(12)(F) of the Dodd-Frank Act       section 301 of the Act at the same time.
                                                                                                      designates most of the FCRA as an ‘‘enumerated          For these reasons, the Bureau has
                                             any adverse action based on the report). The Bureau      consumer law.’’
                                             must also actively publicize the availability of the       12 The Dodd-Frank Act did not, however, transfer
                                                                                                                                                           determined that publishing a notice of
                                             Summary of Consumer Rights, conspicuously post           to the Bureau rulemaking authority for FCRA          proposed rulemaking and providing
                                                                                                                                                           opportunity for prior public comment
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                                             its availability on the Bureau’s internet website, and   sections 615(e) (‘‘Red Flag Guidelines and
                                             promptly make it available to consumers, on              Regulations Required’’) and 628 (‘‘Disposal of       are unnecessary and impractical and
                                             request. 15 U.S.C. 1681g(c)(1)(C).                       Records’’).
                                                4 15 U.S.C. 1681g(d)(2).                                13 Dodd-Frank Act section 1029.
                                                                                                                                                           that there is good cause for this interim
                                                5 12 CFR 1022.1(c)(1).                                  14 Dodd-Frank Act section 1088(a)(10)(E)           final rule to be effective less than 30
                                                6 12 CFR 1022.1(c)(2).                                (codified at 15 U.S.C. 1681s(e)).                    days after publication.
                                                7 Id.                                                   15 5 U.S.C. 553(b)(B).
                                                8 Public Law 115–174, 132 Stat. 1296 (2018).            16 5 U.S.C. 553(d)(3).




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                                                              Federal Register / Vol. 83, No. 181 / Tuesday, September 18, 2018 / Rules and Regulations                                                 47029

                                             V. Section-by-Section Analysis                          605A(i)(5) in a different location on the               Appendix K to Part 1022—Summary of
                                                                                                     form to constitute compliance with the                  Consumer Rights
                                             Appendix I to Part 1022—Summary of
                                                                                                     FCRA provisions requiring the                              Effective September 21, 2018, FCRA
                                             Consumer Identity Theft Rights
                                                                                                     Summary of Consumer Identity Theft                      section 605A(i)(5) requires that
                                                Effective September 21, 2018, FCRA                   Rights and will regard such forms as                    whenever a consumer is required to
                                             section 605A(i)(5) requires that                        substantially similar to the model form                 receive a summary of rights required
                                             whenever a consumer is required to                      for the Summary of Consumer Identity                    under FCRA section 609, a notice of
                                             receive a summary of rights required                    Theft Rights published today.17                         rights regarding the new security freeze
                                             under FCRA section 609, a notice of
                                                                                                        The Bureau recognizes that some                      right must be included. This notice does
                                             rights regarding the new security freeze
                                                                                                     entities may find it less burdensome to                 not appear in the model form for the
                                             right must be included. This notice of
                                                                                                     include the notice of rights required by                Summary of Consumer Rights currently
                                             rights does not appear in the model
                                                                                                     FCRA section 605A(i)(5) on a separate                   in Appendix K. To conform to this
                                             form for the Summary of Consumer
                                                                                                     page in the same transmittal with the                   statutory change, the Bureau is
                                             Identity Theft Rights currently in
                                                                                                     Summary of Consumer Identity Theft                      amending the model form in Appendix
                                             Appendix I. To conform to this statutory
                                                                                                     Rights published on November 14, 2012,                  K to include the new required notice of
                                             change, the Bureau is amending the
                                                                                                     and to clarify in the separate page that                rights.
                                             model form in Appendix I to include                                                                                Under section 301 of the Act, a
                                             the new required notice of rights.                      the Act changed the minimum duration
                                                                                                     of initial fraud alerts from 90 days to                 security freeze prohibits consumer
                                                Under section 301 of the Act, a
                                                                                                     one year. To mitigate the impact of the                 reporting agencies that are described in
                                             security freeze prohibits consumer
                                                                                                     model form changes on users of the                      FCRA section 603(p) (nationwide
                                             reporting agencies that are described in
                                                                                                     existing model forms, the Bureau will                   consumer reporting agencies) from
                                             FCRA section 603(p) (nationwide
                                                                                                     regard the use of the model form for the                releasing information subject to various
                                             consumer reporting agencies) from
                                                                                                                                                             exceptions. To clarify the scope of the
                                             releasing information subject to various                Summary of Consumer Identity Theft
                                                                                                                                                             new security freeze right under the
                                             exceptions. To clarify the scope of the                 Rights published on November 14, 2012
                                                                                                                                                             FCRA, the Bureau has added a sentence
                                             new security freeze right under the                     (or a substantially similar form), with a
                                                                                                                                                             before the new notice of rights in the
                                             FCRA, the Bureau has added a sentence                   separate page provided in the same
                                                                                                                                                             model form in Appendix K stating that
                                             before the new notice of rights in the                  transmittal that includes the notice of
                                                                                                                                                             the following FCRA right applies with
                                             model form in Appendix I stating that                   rights required by FCRA section
                                                                                                                                                             respect to nationwide consumer
                                             the following FCRA right applies with                   605A(i)(5) and that states on the
                                                                                                                                                             reporting agencies. The Bureau will
                                             respect to nationwide consumer                          separate page, before or after the notice
                                                                                                                                                             regard the model form in Appendix K
                                             reporting agencies. The Bureau will                     of rights required by FCRA section
                                                                                                                                                             without this sentence as substantially
                                             regard the model form in Appendix I                     605A(i)(5), that ‘‘The minimum duration                 similar to the model form in Appendix
                                             without this sentence as substantially                  of initial fraud alerts changed from 90                 K and will regard use of the model form
                                             similar to the model form in Appendix                   days to one year effective September 21,                without this sentence to constitute
                                             I and will regard use of the model form                 2018,’’ to constitute compliance with                   compliance with the FCRA provisions
                                             without this sentence to constitute                     the FCRA provisions requiring the                       requiring such forms.
                                             compliance with the FCRA provisions                     Summary of Consumer Identity Theft                         The Bureau has also amended the
                                             requiring such forms.                                   Rights.18 The Bureau will regard the                    model form in Appendix K to update
                                                The model form for the Summary of                    model form for the Summary of                           contact information provided for certain
                                             Consumer Identity Theft Rights                          Consumer Identity Theft Rights                          FCRA enforcement agencies.
                                             currently in Appendix I provides that                   published on November 14, 2012 (or a                       The Bureau recognizes that some
                                             ‘‘[a]n initial fraud alert stays in your file           substantially similar form), provided                   entities may have already begun
                                             for at least 90 days’’ (emphasis in                     with such a separate page, as                           preparing to implement the Act and
                                             original). Effective September 21, 2018,                substantially similar to the model form                 may be preparing Summaries of
                                             section 301(a)(1) of the Act amends the                 for the Summary of Consumer Identity                    Consumer Rights that include the notice
                                             FCRA to extend the minimum time from                    Theft Rights published in this                          of rights required by FCRA section
                                             90 days to one year that nationwide                     document.19                                             605A(i)(5) in a different location on the
                                             consumer reporting agencies must                                                                                form than shown on the new model
                                             include fraud alerts in a consumer’s file                  17 The Bureau will also regard use of forms that     form published today. The Bureau will
                                             under FCRA section 605A(a)(1)(A). To                    deviate in other ways from the model form               regard use of forms that are the same as
                                             conform to this statutory change, the                   published today but that are still substantially
                                                                                                                                                             the model form published today but that
                                             Bureau is amending the model form in                    similar to the model form published today to
                                                                                                     constitute compliance with the FCRA provisions          include the notice of rights required by
                                             Appendix I to provide that ‘‘[a]n initial               requiring the Summary of Consumer Identity Theft        FCRA section 605A(i)(5) in a different
                                             fraud alert stays in your file for at least             Rights.                                                 location on the form to constitute
                                             one year.’’                                                18 An entity using this approach need not include
                                                                                                                                                             compliance with the FCRA provisions
                                                The Bureau recognizes that some                      the sentence about the minimum duration of initial
                                                                                                                                                             requiring the Summary of Consumer
                                             entities may have already begun                         fraud alerts on the separate page if it changes ‘‘90
                                                                                                     days’’ to ‘‘one year’’ in the model form for the        Rights and will regard such forms as
                                             preparing to implement the Act and                      Summary of Consumer Identity Theft Rights               substantially similar to the model form
                                             may be preparing Summaries of                           published on November 14, 2012. Entities may also,      for the Summary of Consumer Rights
                                             Consumer Identity Theft Rights that                     at their option, add the following statement on the
                                                                                                                                                             published today.20
                                             include the notice of rights required by                separate page before the notice of rights required by
                                                                                                     FCRA section 605A(i)(5): ‘‘The following FCRA              The Bureau recognizes that some
                                             FCRA section 605A(i)(5) in a different
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                                                                                                     right applies with respect to nationwide consumer       entities may find it less burdensome to
                                             location on the form than shown on the                  reporting agencies.’’
                                             new model form published today. The                        19 The use of the versions of the model forms in       20 The Bureau will also regard use of forms that

                                             Bureau will regard use of forms that are                Appendices I, K, M, and N as published on               deviate in other ways from the model form
                                                                                                     December 21, 2011, should be discontinued no later      published today but that are still substantially
                                             the same as the model form published                    than September 21, 2018. See 76 FR 79308 (Dec. 21,      similar to the model form published today to
                                             today but that include the notice of                    2011); 77 FR 67744 (Nov. 14, 2012); 81 FR 25323         constitute compliance with the FCRA provisions
                                             rights required by FCRA section                         (Apr. 28, 2016).                                        requiring the Summary of Consumer Rights.



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                                             47030            Federal Register / Vol. 83, No. 181 / Tuesday, September 18, 2018 / Rules and Regulations

                                             include the notice of rights required by                consumer financial products or services,              section 605A(i)(5). The amended model
                                             FCRA section 605A(i)(5) on a separate                   the impact on depository institutions                 form in Regulation V, Appendix K, the
                                             page in the same transmittal with the                   and credit unions with $10 billion or                 Summary of Consumer Rights, reflects
                                             Summary of Consumer Rights published                    less in total assets as described in                  two changes relative to the current
                                             on November 14, 2012. To mitigate the                   section 1026 of the Dodd-Frank Act, and               model form: The addition of a notice of
                                             impact of these changes on users of the                 the impact on consumers in rural areas.               rights that details the consumer’s right
                                             existing model forms, the Bureau will                   In addition, section 1022(b)(2)(B) directs            to a security freeze; and an update to the
                                             regard the use of the model form for the                the Bureau to consult, before and during              contact information listed for certain
                                             Summary of Consumer Rights published                    the rulemaking, with appropriate                      FCRA enforcement agencies. The
                                             on November 14, 2012 (or a                              prudential regulators or other Federal                amended model form in Regulation V,
                                             substantially similar form), with a                     agencies, regarding consistency with                  Appendix I, the Summary of Consumer
                                             separate page provided in the same                      objectives those agencies administer.                 Identity Theft Rights, reflects two
                                             transmittal that includes the notice of                 The Bureau has consulted, or offered to
                                                                                                                                                           changes relative to the current model
                                             rights required by FCRA section                         consult, with the prudential regulators
                                                                                                                                                           form: The addition of the same notice of
                                             605A(i)(5), to constitute compliance                    and the FTC regarding consistency with
                                                                                                                                                           rights detailing the consumer’s right to
                                             with the FCRA provisions requiring the                  any prudential, market, or systemic
                                             Summary of Consumer Rights.21 The                       objectives administered by those                      a security freeze that has been added to
                                             Bureau will regard the model form for                   agencies.                                             the Summary of Consumer Rights; and
                                             the Summary of Consumer Rights                             In considering the relevant potential              an update to the disclosed minimum
                                             published on November 14, 2012 (or a                    benefits, costs, and impacts, the Bureau              amount of time that an initial fraud alert
                                             substantially similar form), provided                   consulted the available data and applied              stays in a consumer’s file. The rule also
                                             with such a separate page as                            its knowledge and expertise concerning                includes in both model forms optional
                                             substantially similar to the model form                 consumer financial markets. Where                     language clarifying that the security
                                             for the Summary of Consumer Rights                      available, the Bureau used the economic               freeze right applies only to nationwide
                                             published in this document.22                           analyses that it regards as most reliable             consumer reporting agencies.
                                                                                                     and helpful to consider the relevant                     Rather than requiring entities subject
                                             VI. Request for Comment                                 potential benefits, costs, and impacts of             to the interim final rule to use the new
                                               The Bureau may consider possible                      the interim final rule. However, the                  model forms, the interim final rule
                                             further revisions to the model forms in                 Bureau notes that, in some instances,                 allows entities to comply in a variety of
                                             Appendices I and K to Regulation V in                   there are limited data available to                   ways. These include, for example: (1)
                                             the future. Although notice-and-                        inform the quantification of the                      Allowing entities to continue to use the
                                             comment rulemaking procedures are not                   potential benefits, costs, and impacts.               current forms while also including a
                                             required for the revisions made in this                 Where possible, the Bureau makes                      separate page that includes the new
                                             interim final rule, the Bureau invites                  quantitative estimates based on                       statutorily prescribed notice of rights
                                             comment on this interim final rule,                     economic principles as well as available
                                             implementation of the Act in the model                                                                        and, with respect to the disclosure in
                                                                                                     data. However, where data are limited,
                                             forms, and any other changes that may                                                                         Appendix I, either highlighting in the
                                                                                                     the Bureau generally provides a
                                             be necessary or appropriate to the model                                                                      separate page the change from 90 days
                                                                                                     qualitative discussion of the interim
                                             forms in Appendices I and K to                          final rule’s potential benefits, costs, and           to one year for the minimum duration
                                             Regulation V.23                                         impacts.                                              of initial fraud alerts or updating the
                                                                                                        The Bureau is using a post-statute                 current forms to include the change in
                                             VII. Effective Date                                                                                           the minimum duration of initial fraud
                                                                                                     baseline to assess the impact of this
                                               This interim final rule is effective on               interim final rule. Using a post-statute              alerts; or (2) allowing entities flexibility
                                             September 21, 2018.                                     baseline, the analysis evaluates the                  as to the placement of the new notice of
                                                                                                     benefits, costs, and impacts of the                   rights on the forms. For the purpose of
                                             VIII. Dodd-Frank Act Section 1022(b)
                                                                                                     interim final rule as compared to                     this analysis, the Bureau does not
                                             Analysis
                                                                                                     enactment of the statute alone. A post-               differentiate between which of these
                                             A. Overview                                             statute baseline focuses the                          methods of compliance an entity
                                               In developing the interim final rule,                 consideration of the benefits, costs, and             chooses, and these methods are
                                             the Bureau has considered the potential                 impacts on the amendments in this                     collectively referred to as the
                                             benefits, costs, and impacts required by                interim final rule, which are technical               ‘‘alternative approach.’’
                                             section 1022(b)(2) of the Dodd-Frank                    and do not impose any new substantive                    Regarding baseline behavior and
                                             Act. Specifically, section 1022(b)(2)                   obligations on regulated entities.24                  practices, the Bureau assumes that if the
                                             calls for the Bureau to consider the                       As discussed above, the interim final              interim final rule were not adopted,
                                             potential benefits and costs of a                       rule amends Regulation V, which
                                                                                                                                                           entities subject to the rule would
                                             regulation to consumers and covered                     implements the FCRA, to reflect new
                                                                                                                                                           comply with both new FCRA section
                                             persons, including the potential                        FCRA section 605A(i), added by the Act.
                                                                                                                                                           605A(i)(5) and current Regulation V. For
                                             reduction of access by consumers to                     Under the interim final rule, the Bureau
                                                                                                     is amending two model forms in                        the purpose of this analysis, the Bureau
                                               21 Entities may also, at their option, add the        Regulation V to conform to new FCRA                   assumes that if the interim final rule
                                             following statement on the separate page before the                                                           were not adopted, to convey the
                                             notice of rights required by FCRA section                 24 The Bureau has discretion in future              information required by new FCRA
                                             605A(i)(5): ‘‘The following FCRA right applies with     rulemakings to choose the relevant provisions to      section 605A(i)(5) along with the
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                                             respect to nationwide consumer reporting                discuss and the most appropriate baseline for that
                                             agencies.’’
                                                                                                                                                           information contained in either of the
                                                                                                     particular rulemaking. The Bureau also considers
                                               22 See supra note 18.
                                                                                                     the benefits, costs, and impacts of certain other
                                                                                                                                                           current model forms under current
                                               23 We note that, in 2010, the FTC proposed            requirements in new FCRA section 605A(i) related      Regulation V, entities subject to the rule
                                             revisions to these and other model forms, but the       to the new disclosure requirements where doing so     would comply in a manner that is
                                             rulemaking was not finalized. See Summary of            provides a more complete understanding of the
                                             Rights and Notices of Duties under the Fair Credit      impacts of these requirements on consumers and
                                                                                                                                                           substantially similar to the alternative
                                             Reporting Act, 75 FR 52655 (Aug. 27, 2010).             covered persons.                                      approach described above, using two


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                                                              Federal Register / Vol. 83, No. 181 / Tuesday, September 18, 2018 / Rules and Regulations                                                   47031

                                             double-sided sheets of standard printer                 experienced one or more attempted or                      any additional costs to providing
                                             paper.25                                                successful incidents of identity theft                    disclosures due to this rule, relative to
                                               As this analysis details below, the                   and who also contacted a consumer                         the baseline. Nonetheless, this analysis
                                             similarity between the alternative                      reporting agency, approximately 70                        considers each of the potential sources
                                             approach and the assumed behavior and                   percent requested a fraud alert be placed                 of cost for each of the disclosures that
                                             practices under the baseline result in                  on their file.27 This large proportion                    are updated by this interim final rule,
                                             the Bureau estimating minimal                           reflects a substantial consumer demand                    given the baseline, including:
                                             additional costs under the interim final                for this service.28 Similarly, prior to the               Development of new disclosure
                                             rule. Where illuminating, the Bureau                    Act, about 40 percent of consumers who                    templates, destruction or disposal of
                                             also considers the costs to entities of                 experienced one or more attempted or                      out-of-date materials, changes to
                                             adopting the amended model forms.                       successful incidents of identity theft,                   production of disclosures, and changes
                                             These analyses demonstrate that the                     and who also contacted a consumer                         to delivery of disclosures.
                                             Bureau’s estimate of costs is not affected              reporting agency, requested a security
                                             by whether entities adopt the model                                                                               Summary of Consumer Rights
                                                                                                     freeze.29 After the Act, the Bureau
                                             form or use the alternative approach.                   expects demand for fraud alerts and                          The Bureau believes that the costs of
                                                                                                     security freezes will increase; 30 and, of                this interim final rule of development of
                                             B. Potential Benefits and Costs to                                                                                a new Summary of Consumer Rights
                                             Consumers and Covered Persons                           the consumers who demand these
                                                                                                     services, some will become informed                       disclosure template, or destruction or
                                             Benefits                                                through the disclosures required by                       disposal of out-of-date materials, will be
                                               The impact on consumers of the                        Regulation V and new FCRA section                         minimal. As stated above, the Bureau
                                             interim final rule depends on whether a                 605A(i)(5). These consumers are likely                    believes that the alternative approach
                                             particular consumer prefers, or would                   to benefit from this rule through lower                   allowed by this rule is substantially
                                             otherwise benefit from, receiving the                   information search and processing costs                   similar to how entities would comply
                                             amended disclosures.26 As described                     relative to the baseline, as described                    with both new FCRA section 605A(i)(5)
                                             above, this analysis assumes that                       above.                                                    and current Regulation V if this interim
                                             entities subject to the rule would                         Regarding benefits to industry, this                   final rule were not adopted. The Bureau
                                             provide the information required by                     interim final rule harmonizes                             therefore expects that to come into
                                             both new FCRA section 605A(i)(5) and                    Regulation V with the FCRA, as                            compliance with this rule, relative to
                                             current Regulation V, even if this rule                 amended by the Act. The Bureau                            the baseline, entities subject to the rule
                                             were not adopted. However, this rule                    intends to reduce legal uncertainty and                   will not incur additional costs to update
                                             provides entities with the option to                    risk in the industry regarding                            disclosure templates or to destroy, or
                                             provide the information from these two                  responsibilities and liabilities among                    dispose of, out-of-date materials.31
                                                                                                     market participants about how they may                       Regarding production and delivery of
                                             sources under the unified disclosure
                                                                                                     comply with both the statute and                          the Summary of Consumer Rights
                                             designs of the amended model forms.
                                                                                                     Regulation V at the same time. There                      disclosure, there are two relevant
                                             The Bureau expects that these unified
                                                                                                     may be a general benefit from the                         classes of recipients: Consumers and
                                             designs will make finding and
                                                                                                     certainty and risk reduction provided                     employers. The Bureau estimates
                                             comprehending information easier for
                                                                                                     through this harmonization. However,                      additional costs under the interim final
                                             consumers relative to the baseline by
                                                                                                     without data on how entities would                        rule to be very small for production and
                                             lowering the cost to consumers of
                                                                                                     comply with the statute and Regulation                    delivery to either class. Each is
                                             information search and processing. The
                                                                                                     V absent this interim final rule, the                     considered separately below.
                                             precise magnitude of this benefit to                                                                                 For production and delivery to
                                             consumers is difficult to quantify                      Bureau cannot quantify the benefit of
                                                                                                     this additional certainty.                                consumers, the Bureau estimates
                                             because the Bureau does not have data                                                                             minimal additional costs under the
                                             regarding how much individual                           Costs                                                     interim final rule. The Bureau expects
                                             consumers value it. However, the                                                                                  that the alternative approach will take
                                                                                                       The Bureau estimates minimal
                                             Bureau can estimate, broadly, the scope                                                                           two double-sided sheets to be printed,
                                                                                                     additional costs under the interim final
                                             of consumers who may benefit. Prior to                                                                            which is the same number of sheets as
                                                                                                     rule. The Bureau does not anticipate any
                                             the Act, of the consumers who                                                                                     under the approach the Bureau assumes
                                                                                                     additional one-time costs due to this
                                                25 The Summary of Consumer Rights model form
                                                                                                     rule, relative to the baseline. Regarding                 entities will take under the baseline.32
                                             in current Regulation V can be printed on three         ongoing costs, this interim final rule                    Since the printing needs are the same,
                                             sides of standard printer paper. Since the new          does not alter the circumstances under                    there are no additional costs.33 It is
                                             information required by new FCRA section                which disclosures under the FCRA are
                                             605A(i)(5) can be printed on a single side, the         required. Nor does the Bureau estimate                       31 If entities were to choose to adopt the model
                                             combination of these disclosures should take no                                                                   form, or if this analysis were to adopt a pre-statute
                                             more than four sides of paper, or two double-sided                                                                baseline, the Bureau would continue to estimate
                                                                                                       27 U.S. Dep’t. of Justice, Victims of Identity Theft,
                                             sheets of paper. The Summary of Consumer Identity                                                                 these costs to be small. Because the Bureau is
                                             Theft Rights model form in current Regulation V         2014 at 1, 18 (Sept. 27, 2015), available at https://     providing model forms, it believes the cost of
                                             can be printed on two sides of standard printer         www.bjs.gov/index.cfm?ty=pbdetail&iid=5408.               developing new disclosure templates would be
                                                                                                       28 The Bureau assumes about one million
                                             paper. Therefore, the combination of this disclosure                                                              small. Because the Bureau is allowing the
                                             and the information required by new FCRA section        consumers contact consumer reporting agencies             alternative approach, it believes that entities could
                                             605A(i)(5) should take no more than three sides of      requesting fraud alerts annually. This estimate is        use their old stock rather than destroying or
                                             paper, or the equivalent of two double-sided sheets     based on survey data from the U.S. Department of          disposing of it.
                                             of paper.                                               Justice. Approximately 17.6 million people were              32 The Bureau typically accounts for printing
                                                26 Benefits will also depend on the extent to        victims of identity theft in 2014, and an estimated       costs in terms of the cost of double-sided printing
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                                             which entities adopt the model forms or                 8.1 percent contacted a consumer reporting agency.        on standard 8.5 inch by 11 inch printer paper.
                                             substantially similar forms (rather than using the      See id.                                                   However, this interim final rule does not specify
                                                                                                       29 See id.
                                             alternative approach). Since each rule is unique, the                                                             how entities print or the size of the paper they use.
                                             Bureau does not have data that would allow it to          30 The Act provides, and prescribes the disclosure      Indeed, the Bureau expects that each entity will use
                                             reliably estimate adoption rates. However, in           of, new rights to consumers. The Bureau expects           the method of printing that is least costly to it.
                                             general, greater adoption of the model forms or         that these new rights will be of value to consumers,         33 The Bureau also assumes there to be no

                                             substantially similar disclosures will lead to a        and that these new disclosures will help to inform        substantial cost of electronic distribution, and
                                             greater benefit of this rule.                           consumers of their rights.                                                                            Continued




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                                             47032            Federal Register / Vol. 83, No. 181 / Tuesday, September 18, 2018 / Rules and Regulations

                                             possible that use of the alternative                     Summary of Consumer Identity Theft                         The Bureau does not anticipate that
                                             approach could result in an entity using                 Rights                                                   the interim final rule will generate costs
                                             a third sheet of paper to produce the                       For the same reasons described in the                 for consumers, given the baseline.
                                             disclosure; however, the Bureau                          previous part, the Bureau believes that                  C. Potential Specific Impacts of the Rule
                                             believes that any entity choosing to use                 the additional costs under this interim
                                             an extra sheet of paper under the                                                                                   This analysis estimates minimal
                                                                                                      final rule of development of a new
                                             interim final rule would also choose to                  Summary of Consumer Identity Theft                       additional costs under the interim final
                                             do so under the baseline.34                              Rights disclosure template, or                           rule, and therefore the Bureau does not
                                                For production and delivery to                        destruction or disposal of out-of-date                   believe that the rule would reduce
                                             employers, the Bureau estimates                          materials, will be minimal.                              consumers’ access to consumer financial
                                             minimal additional costs under the                          Regarding production and delivery of                  products or services.
                                             interim final rule. Under the FCRA,                      the Summary of Consumer Identity                           The Bureau does not expect the
                                             employers must be provided a copy of                     Theft Rights disclosure, the Bureau                      interim final rule to have distinct
                                             the Summary of Consumer Rights                           estimates the total change in costs will                 impacts on depository institutions and
                                             disclosure by a consumer reporting                       be very small. The Bureau expects that                   credit unions with $10 billion or less in
                                             agency before the consumer reporting                     the alternative approach will take no                    total assets or on consumers in rural
                                             agency furnishes a consumer report for                   more than two double-sided sheets to be                  areas, relative to other entities or
                                             employment purposes, unless the                          printed, which is the same number of                     consumers.
                                             consumer reporting agency already                        sheets as under the approach the Bureau                  IX. Regulatory Flexibility Act Analysis
                                             provided a copy of the disclosure to that                assumes entities will take under the
                                             employer. The Bureau believes that,                                                                                  The Regulatory Flexibility Act (RFA)
                                                                                                      baseline. Since the printing needs are
                                             under the baseline, consumer reporting                                                                            does not apply to a rulemaking where
                                                                                                      the same, there are no new costs.36
                                             agencies will provide an updated copy                                                                             general notice of proposed rulemaking
                                             of the Summary of Consumer Rights to                     Price List, https://pe.usps.com/text/dmm300/
                                                                                                                                                               is not required.37 As noted previously,
                                             employers once the Act takes effect.                     Notice123.htm#_c096. It further assumes that there       the Bureau has determined that it is
                                             However, because the Bureau assumes                      are approximately 757,310 employers in the United        unnecessary to publish a general notice
                                             that consumer reporting agencies’                        States that use consumer reports for employment          of proposed rulemaking for this interim
                                                                                                      purposes, and that each employer requests
                                             baseline approach will be substantially                  consumer reports from at most one consumer
                                                                                                                                                               final rule. Accordingly the RFA’s
                                             similar to the alternative approach                      reporting agency. This estimated number of               requirements relating to an initial and
                                             under this interim final rule, the Bureau                employers comes from the fact that there are             final regulatory flexibility analysis do
                                             estimates the cost to sending an updated                 approximately 5,726,160 firms in the United States       not apply.
                                                                                                      that have employees (2014) and a survey which
                                             copy to employers to be the same under                   reported that 13 percent of employers use credit         X. Paperwork Reduction Act
                                             the rule as under the baseline.35                        reports to screen candidates for all positions. The
                                                                                                      reported range of potential cost depends on the            The Bureau has determined that the
                                             therefore that there is no change in costs, regardless   proportion of disclosures assumed to be sent             interim final rule does not impose any
                                             of the chosen method of delivery.                        electronically. If all disclosures were sent             new or revise any existing
                                               34 If entities were to adopt the model form, then      electronically, the estimated cost would be
                                                                                                      approximately $0. However, if all disclosures were       recordkeeping, reporting, or disclosure
                                             the Bureau would continue to estimate these costs
                                             to be small because the amended Summary of               sent via U.S. mail, the estimated cost would be          requirements on covered entities or
                                             Consumer Rights model form disclosure takes two          approximately $435,000 (($0.20 + $0.375)*757,310).       members of the public that would be
                                             double-sided sheets to be printed, which is the          See U.S. Small Bus. Admin., Firm Size Data,              collections of information requiring
                                             same number of sheets as under the approach the          available at https://www.sba.gov/advocacy/firm-
                                                                                                      size-data and Society for Human Res. Mgmt.,              approval by the Office of Management
                                             Bureau assumes entities will take under the
                                             baseline.                                                Background Checking—The Use of Credit                    and Budget under the Paperwork
                                               If this analysis were to adopt a pre-statute
                                                                                                      Background Checks in Hiring Decisions (July 19,          Reduction Act, 44 U.S.C. 3501 et seq.
                                             baseline, then this analysis would still estimate        2012), available at https://www.shrm.org/hr-today/
                                             minimal additional costs due to this part of the rule.   trends-and-forecasting/research-and-surveys/Pages/       XI. Congressional Review Act
                                             When printed on double-sided sheets, the                 creditbackgroundchecks.aspx.
                                                                                                         36 This analysis assumes there to be no substantial     Pursuant to the Congressional Review
                                             disclosure under current Regulation V takes two
                                             sheets of standard printer paper, which is the same      cost of electronic distribution, and therefore no        Act,38 the Bureau will submit a report
                                             number of sheets as under both the amended model         change in costs, regardless of the chosen method of      containing this rule and other required
                                             form and the alternative approach under this             delivery.                                                information to the U.S. Senate, the U.S.
                                             interim final rule. Although this rule does                 If entities were to choose to adopt the model
                                                                                                      form, the Bureau would continue to estimate the
                                                                                                                                                               House of Representatives, and the
                                             technically imply that additional ink would be used
                                             relative to printing the current disclosure, the         costs to be very small because the amended
                                             Bureau typically estimates a total cost per sheet of     Summary of Consumer Identity Theft Rights model            An estimated 42 percent of consumers submit
                                             printing inclusive of paper costs, depreciation of       form disclosure takes two double-sided sheets to be      disputes to consumer reporting agencies online, 44
                                             printing hardware, and the ink required for a            printed, which is the same number of sheets as           percent by mail, 13 percent by phone, and the
                                             double-sided, completely printed, sheet. Therefore,      under the approach the Bureau assumes entities           remainder by fax, walk-ins, or other methods
                                             the implied cost of additional ink would already         will take under the baseline.                            (which the Bureau assumes result in burden
                                             have been counted in the cost of previous rules.            If this analysis were to adopt a pre-statute          resembling disputes submitted by mail). Under the
                                               35 If entities were to adopt the model form, then      baseline, printing the amended Summary of                assumptions that these methods of contact are
                                             the Bureau would continue to estimate additional         Consumer Identity Theft Rights model form would          representative of consumer behavior across
                                             costs to be small because the amended Summary of         use one additional sheet of paper relative to the        products, and that consumer reporting agencies
                                             Consumer Rights model form disclosure takes two          current model form, and the total change in costs        respond in-kind to electronic disputes but respond
                                             double-sided sheets to be printed, which is the          would be between $0 and approximately $140,000           to all other methods of consumer contact via U.S.
                                             same number of sheets as under the approach the          annually, depending on the methods by which              mail, 42 percent of these disclosures would be sent
                                             Bureau assumes entities will take under the              consumer reporting agencies distribute their             electronically, and 58 percent would be sent via
                                             baseline.                                                disclosures. These estimates assume additional           U.S. mail. This would result in an expected cost to
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                                               If this analysis were to adopt a pre-statute           printing costs of $0.10 per disclosure (one sheet *      consumer reporting agencies of approximately
                                             baseline, the Bureau would estimate a one-time cost      $0.10 per sheet), but no additional postage cost (the    $81,200 annually. See Bureau of Consumer Fin.
                                             to consumer reporting agencies of between $0 and         cost to send a business class letter via the USPS is     Protection, Key Dimensions and Processes in the
                                             $435,000, depending on the method by which the           the same whether it contains one or two sheets of        U.S. Credit Reporting System 27 (Dec. 2012),
                                             disclosures are delivered. This estimate assumes         paper). In addition, these estimates assume that         available at http://files.consumerfinance.gov/f/
                                             printing costs of $0.20 per disclosure (two sheets *     about 1.4 million consumers contact consumer             201212_cfpb_credit-reporting-white-paper.pdf.
                                                                                                                                                                 37 5 U.S.C. 603(a), 604(a).
                                             $0.10 per sheet), and postage cost of $0.375 per         reporting agencies regarding identity theft. See
                                             disclosure. See U.S. Postal Serv., Postal Explorer—      supra note 26.                                             38 5 U.S.C. 801 et seq.




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                                                              Federal Register / Vol. 83, No. 181 / Tuesday, September 18, 2018 / Rules and Regulations                                           47033

                                             Comptroller General of the United                       Authority and Issuance                                Appendix I to Part 1022—Summary of
                                             States prior to the rule’s published                      For the reasons set forth above, the                Consumer Identity Theft Rights
                                             effective date. The Office of Information               Bureau amends Regulation V, 12 CFR
                                             and Regulatory Affairs has designated                   part 1022, as set forth below:                          The prescribed form for this summary is a
                                             this rule as not a ‘‘major rule’’ as                                                                          disclosure that is substantially similar to the
                                             defined by 5 U.S.C. 804(2).                             PART 1022—FAIR CREDIT                                 Bureau’s model summary with all
                                                                                                     REPORTING (REGULATION V)                              information clearly and prominently
                                             List of Subjects                                                                                              displayed. A summary should accurately
                                                                                                     ■ 1. The authority citation for part 1022             reflect changes to those items that may
                                               Banks, Banking, Consumer protection,                  continues to read as follows:                         change over time (such as telephone
                                             Credit unions, Fair Credit Reporting                                                                          numbers) to remain in compliance.
                                                                                                        Authority: 12 U.S.C. 5512, 5581; 15 U.S.C.
                                             Act, Holding companies, National                        1681a, 1681b, 1681c, 1681c–1, 1681e, 1681g,           Translations of this summary will be in
                                             banks, Privacy, Reporting and                           1681i, 1681j, 1681m, 1681s, 1681s–2, 1681s–           compliance with the Bureau’s prescribed
                                             recordkeeping requirements, Savings                     3, and 1681t; Sec. 214, Public Law 108–159,           model, provided that the translation is
                                             associations, State member banks.                       117 Stat. 1952.                                       accurate and that it is provided in a language
                                                                                                     ■ 2. Revise Appendix I to read as                     used by the recipient consumer.
                                                                                                     follows:
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                                                                           Para informacion en espana!, visite www.consumerfinance.gov/learnmore o escribe a Ia
                                                                            Consumer Financial Protection Bureau, 1700 G Street N W, Washington, DC 20552.

                                                                                                   Remedying the Effects of Identity Theft

                                                                              You are receiving this information because you have notified a consumer reporting
                                                                      agency that you believe that you are a victim of identity theft. Identity theft occurs when
                                                                      someone uses your name, Social Security number, date of birth, or other identifYing information,
                                                                      without authority, to commit fraud. For example, someone may have committed identity theft by
                                                                      using your personal information to open a credit card account or get a loan in your name. For
                                                                      more information, visit www.consumerfinance.gov/learnmore or write to: Consumer Financial
                                                                      Protection Bureau, 1700 G Street N.W., Washington, DC 20552.

                                                                             The Fair Credit Reporting Act (FCRA) gives you specific rights when you are, or believe
                                                                      that you are, the victim of identity theft. Here is a brief summary of the rights designed to help
                                                                      you recover from identity theft.

                                                                      1. You have the right to ask that nationwide consumer reporting agencies place "fraud
                                                                         alerts" in your file to let potential creditors and others know that you may be a victim
                                                                         of identity theft. A fraud alert can make it more difficult for someone to get credit in your
                                                                         name because it tells creditors to follow certain procedures to protect you. It also may delay
                                                                         your ability to obtain credit. You may place a fraud alert in your file by calling just one of
                                                                         the three nationwide consumer reporting agencies. As soon as that agency processes your
                                                                         fraud alert, it will notifY the other two, which then also must place fraud alerts in your file.

                                                                          D    Equifax: 1-800-:XXX-:XXXX; www.eguifax.com
                                                                          D    Experian: 1-800-:XXX-:XXXX; www.experian.com
                                                                          D    TransUnion: 1-800-:XXX-:XXXX; www.transunion.com

                                                                          An initial fraud alert stays in your file for at least one year. An extended alert stays in your
                                                                          file for seven years. To place either of these alerts, a consumer reporting agency will require
                                                                          you to provide appropriate proof of your identity, which may include your Social Security
                                                                          number. If you ask for an extended alert, you will have to provide an identitv theft report.
                                                                          An identitv theft report includes a copy of a report you have filed with a federal, state, or
                                                                          local law enforcement agency, and additional information a consumer reporting agency may
                                                                          require you to submit. For more detailed information about the identity theft report, visit
                                                                          www.consumerfinance. gov/learnmore.

                                                                      2. You have the right to free copies of the information in your file (your "file disclosure").
                                                                         An initial fraud alert entitles you to a copy of all the information in your file at each of the
                                                                         three nationwide agencies, and an extended alert entitles you to two free file disclosures in a
                                                                         12-month period following the placing of the alert. These additional disclosures may help
                                                                         you detect signs of fraud, for example, whether fraudulent accounts have been opened in
                                                                         your name or whether someone has reported a change in your address. Once a year, you also
                                                                         have the right to a free copy of the information in your file at any consumer reporting agency,
                                                                         if you believe it has inaccurate information due to fraud, such as identity theft. You also
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                                                              Federal Register / Vol. 83, No. 181 / Tuesday, September 18, 2018 / Rules and Regulations                          47035




                                                                          have the ability to obtain additional free file disclosures under other provisions of the FCRA.
                                                                          See www.consumerfinance.gov/learnmore.

                                                                      3. You have the right to obtain documents relating to fraudulent transactions made or
                                                                         accounts opened using your personal information. A creditor or other business must give
                                                                         you copies of applications and other business records relating to transactions and accounts
                                                                         that resulted from the theft of your identity, if you ask for them in writing. A business may
                                                                         ask you for proof of your identity, a police report, and an affidavit before giving you the
                                                                         documents. It may also specifY an address for you to send your request. Under certain
                                                                         circumstances a business can refuse to provide you with these documents. See
                                                                         www.consumerfinance.gov/learnmore.

                                                                      4. You have the right to obtain information from a debt collector. If you ask, a debt
                                                                         collector must provide you with certain information about the debt you believe was incurred
                                                                         in your name by an identity thief -like the name of the creditor and the amount of the debt.

                                                                      5. If you believe information in your file results from identity theft, you have the right to
                                                                         ask that a consumer reporting agency block that information from your file. An identity
                                                                         thief may run up bills in your name and not pay them. Information about the unpaid bills
                                                                         may appear on your consumer report. Should you decide to ask a consumer reporting agency
                                                                         to block the reporting of this information, you must identify the information to block, and
                                                                         provide the consumer reporting agency with proof of your identity and a copy of your
                                                                         identitv theft report. The consumer reporting agency can refuse or cancel your request for a
                                                                         block if, for example, you don't provide the necessary documentation, or where the block
                                                                         results from an error or a material misrepresentation of fact made by you. If the agency
                                                                         declines or rescinds the block, it must notifY you. Once a debt resulting from identity theft
                                                                         has been blocked, a person or business with notice of the block may not sell, transfer, or
                                                                         place the debt for collection.

                                                                      6. You also may prevent businesses from reporting information about you to consumer
                                                                         reporting agencies if you believe the information is a result of identity theft. To do so,
                                                                         you must send your request to the address specified by the business that reports the
                                                                         information to the consumer reporting agency. The business will expect you to identity what
                                                                         information you do not want reported and to provide an identitv theft report.

                                                                      7. The following FCRA right applies with respect to nationwide consumer reporting agencies:

                                                                          CONSUMERS HAVE THE RIGHT To OBTAIN A SECURITY FREEZE

                                                                          You have a right to place a "security freeze" on your credit report, which will prohibit
                                                                          a consumer reporting agency from releasing information in your credit report without
                                                                          your express authorization. The security freeze is designed to prevent credit, loans, and
                                                                          services from being approved in your name without your consent. However, you should be
                                                                          aware that using a security freeze to take control over who gets access to the personal and
                                                                          financial information in your credit report may delay, interfere with, or prohibit the timely



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                                             47036            Federal Register / Vol. 83, No. 181 / Tuesday, September 18, 2018 / Rules and Regulations




                                                                          approval of any subsequent request or application you make regarding a new loan, credit,
                                                                          mortgage, or any other account involving the extension of credit.

                                                                          As an alternative to a security freeze, you have the right to place an initial or extended fraud
                                                                          alert on your credit file at no cost. An initial fraud alert is a 1-year alert that is placed on a
                                                                          consumer's credit file. Upon seeing a fraud alert display on a consumer's credit file, a
                                                                          business is required to take steps to verify the consumer's identity before extending new
                                                                          credit. If you are a victim of identity theft, you are entitled to an extended fraud alert, which
                                                                          is a fraud alert lasting 7 years.

                                                                          A security freeze does not apply to a person or entity, or its affiliates, or collection agencies
                                                                          acting on behalf of the person or entity, with which you have an existing account that
                                                                          requests information in your credit report for the purposes of reviewing or collecting the
                                                                          account. Reviewing the account includes activities related to account maintenance,
                                                                          monitoring, credit line increases, and account upgrades and enhancements.

                                                                            To learn more about identity theft and how to deal with its consequences, visit
                                                                      www.consumerfinance.gov/learnmore, or write to the Consumer Financial Protection Bureau.
                                                                      You may have additional rights under state law. For more information, contact your local
                                                                      consumer protection agency or your state Attorney General.

                                                                              In addition to the new rights and procedures to help consumers deal with the effects of
                                                                      identity theft, the FCRA has many other important consumer protections. They are described in
                                                                      more detail at www.consumerfinance.gov/learnmore.




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                                                              Federal Register / Vol. 83, No. 181 / Tuesday, September 18, 2018 / Rules and Regulations                                          47037

                                             ■ 3. Revise Appendix K to read as                       information clearly and prominently                   numbers and addresses of Federal agencies)
                                             follows:                                                displayed. The list of Federal regulators that        to remain in compliance. Translations of this
                                                                                                     is included in the Bureau’s prescribed                summary will be in compliance with the
                                             Appendix K to Part 1022—Summary of                      summary may be provided separately so long            Bureau’s prescribed model, provided that the
                                             Consumer Rights                                         as this is done in a clear and conspicuous            translation is accurate and that it is provided
                                               The prescribed form for this summary is a             way. A summary should accurately reflect              in a language used by the recipient
                                             disclosure that is substantially similar to the         changes to those items that may change over           consumer.
                                             Bureau’s model summary with all                         time (e.g., dollar amounts, or telephone              BILLING CODE 4810–AM–P
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                                             47038            Federal Register / Vol. 83, No. 181 / Tuesday, September 18, 2018 / Rules and Regulations




                                                                           Para informacion en espaifol, visite www.consumetjinance.rovneammore .o escribe a Ia
                                                                            Consumer Financial Protection Bureau, 1700 G Street N. W., Washington, DC 20552.

                                                                               A Summary of Your Rights Under the Fair Credit Reporting Act

                                                                             The federal Fair Credit Reporting Act (FCRA) promotes the accuracy, fairness, and
                                                                      privacy of information .in the files of consumer reporting agencies. There are many types of
                                                                      consumer reporting agencies, including credit bureaus and specialty agencies (such as agencies
                                                                      that sell information about check writing histories, medical records, and rental history records).
                                                                      Here is a summary of your major rights under FCRA. For more information, including
                                                                      information about additional rights, go to M!W·ecmsumerfinanee.pvllearnmore or write
                                                                      to: Consumer Fin8Deial Protection Bureau, 1700 G Street N.W., Washington, DC 20552.

                                                                          •    You must be told if information in your file bas been used against you. Anyone who
                                                                               uses a credit report or another type of consumer report to deny your application for credit,
                                                                               insurance, or employment- or to take another adverse action against you -must tell you,
                                                                               and must give you the name, address, and phone number of the agency that provided the
                                                                               information.

                                                                          •    You have tbe right to know what is in your file. You may request and obtain all the
                                                                               information about you in the files of a consumer reporting agency (your ''file
                                                                               disclosure*'). You will be required to provide proper identification. which may include
                                                                               your Social Security number. In many cases, the disclosure will be free. You are entitled
                                                                               to a free file disclosure if:

                                                                                    o a person has taken adverse action against you because of information in your
                                                                                      credit report;
                                                                                    o you are the victim of identity theft and place a fraud alert in your file;
                                                                                    o your file contains inaccurate information as a result of fraud;
                                                                                    o you are on public assistance;
                                                                                    o you are unemployed but expect to apply for employment within 60 days.

                                                                               In addition, all consumers are entitled to one free disclosure every 12 months upon
                                                                               request from each nationwide credit bureau and from nationwide specialty consumer
                                                                               reporting agencies. See www.consumerfinance.govllearnmore for additional
                                                                               information.

                                                                          •    You have tbe right to ask for a credit score. Credit scores are numerical summaries of
                                                                               your credit-worthiness based on information from credit bureaus. You may request a
                                                                               credit score from consumer reporting agencies that create scores or distribute scores used
                                                                               in residential real property loans, but you will have to pay for it. In some mortgage
                                                                               transactions, you will receive credit score information for free from the mortgage lender.

                                                                          •    You have tbe right to dispute incomplete or inaccurate information. If you identit'y
                                                                               information in your file that is incomplete or inaccurate, and report it to the consumer


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Federal Register/Vol. 83, No. 181/Tuesday, September 18, 2018 /Rules and Regulations                       47039




             reporting agency, the agency must investigate unless your dispute is frivolous. See
             www.consumerfinance.gov/learnmore for an explanation of dispute procedures.

         *   Consumer reporting agencies must correct or delete inaccurate, incomplete, or
             unverifiable information. Inaccurate, incomplete, or unverifiable information must be
             removed or corrected, usually within 30 days. However, a consumer reporting agency
             may continue to report information it has verified as accurate.

         e   Consumer reporting agencies may not report outdated negative information. In
             most cases, a consumer reporting agency may not report negative information that is
             more than seven years old, or bankruptcies that are more than 10 years old.

         e   Access to your file is limited. A consumerreporting agency may provide information
             about you only to people with a valid need — usually to consider an application with a
             creditor, insurer, employer, landlord, or other business. The FCRA specifies those with a
             valid need for access.

         e   You must give your consent for reports to be provided to employers. A consumer
             reporting agency may not give out information about you to your employer, or a potential
             employer, without your written consent given to the employer. Written consent generally
             is not required in the trucking industry. For more information, go to


         e   You may limit "prescreened" offers of credit and insurance you get based on
             information in your credit report. Unsolicited "prescreened" offers for credit and
             insurance must include a toll—free phone number you can call if you choose to remove
             your name and address form the lists these offers are based on. You may opt out with the
             nationwide credit bureaus at 1—800—XXX—XXXX.

         *   The following FCRA right applies with respect to nationwide consumer reporting
             agencies:

             CoNsUMERsS HAVE THE RIGHT TO OBTAIN A SECURITY FREEZE

             You have a right to place a "security freeze" on your credit report, which will
             prohibit a consumer reporting agency from releasing information in your credit
             report without your express authorization. The security freeze is designed to prevent
             credit, loans, and services from being approved in your name without your consent.
             However, you should be aware that using a security freeze to take control over who gets
             access to the personal and financial information in your credit report may delay, interfere
             with, or prohibit the timely approval of any subsequent request or application you make
             regarding a new loan, credit, mortgage, or any other account involving the extension of
             credit.

             As an alternative to a security freeze, you have the right to place an initial or extended
             fraud alert on your credit file at no cost. Aninitial fraud alert is a 1—year alert that is


                                             47040            Federal Register / Vol. 83, No. 181 / Tuesday, September 18, 2018 / Rules and Regulations




                                                                               placed on a consumer's credit file. Upon seeing a fraud alert display on a consumer's
                                                                               credit file. a business is required to take steps to verify the consumer's identity before
                                                                               extending new credit. If you are a victim of identity theft, you are entitled to an extended
                                                                               fraud alert, which is a fraud alert lasting 7 years.

                                                                               A security freeze does not apply to a person or entity, or its affiliates, or collection
                                                                               agencies acting on bebalf of the person or entity, with which you have an existing
                                                                               account that requests information in your credit report for the purposes of reviewing or
                                                                               collecting the account Reviewing the account includes activities related to account
                                                                               maintenance, monitoring, credit line increases, and account upgrades and enhancements.

                                                                          •    You may seek damages from violators. If a consumer reporting agency, or, in some
                                                                               cases, a user of consumer reportS or a furnisher of information to a consumer reporting
                                                                               agency violates the FCRA, you may be able to sue in state or federal court

                                                                          •    Ideatity theft victims and aetive duty military personnel bave additional rights. For
                                                                               more information, visit www-consumerfiDance.sovlleammore.

                                                                      States may enforce the ¥eRA, and many states have their own eoasumer reporting laws.
                                                                      In some cases, you may have more rights under state law. For more information, contact
                                                                      your state or loeal consumer protection ageney or your state Attontey General. For
                                                                      information about your federal rights, contact:




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                 TYPE OF BUSINESS:                                                           CONTACT:
L.a. Banks, savings associations, and credit unions with total      a. Consumer Financial Protection Bureau
assets of over $10 billhion and their affiliates                    1700 G Street, NW .
                                                                    Washington, DC 20552

b. Such affiliates that are not banks, savings associations, or     b. Federal Trade Commission
credit unions also should list, in addition to the CFPB:            Consumer Response Center
                                                                    600 Pennsylvania Avenue, N.W.
                                                                    Wasihngton, DC 20580
                                                                    (877)382—4357
2. To the extent not included in item 1 above:                      a. Office of the Comptroller of the Currency
a. National banks, federal savings associations, and federal        Customer Assistance Group
branches and federal agencies of foreign banks                      1301 McKinney Street, Suite 3450
                                                                    Houston, TX 77?7010—9050

b. State member banks, branches and agencies of foreign banks       b. Federal Reserve Consumer Help Center
{other than federal branches, federal agencies, and Insured State   P.O. Box 1200
Branches of Foreign Banks), commercial lending companies            Minneapolis, MN 55480
owned or controlled by foreign banks, and organizations
operating under section 25 or 25¥ of the Federal Reserve Act.
                                                                    c. FDIC Consumer Response Center
c. Nonmember Insured Banks, Insured State Branches of               1100 Walnut Street, Box #11
Foreign Banks, and insured state savings associations               Kansas City, MO 64106

d. Federal Credit Unions                                            d. National Credit Union Administration
                                                                    Office of Consumer Financial Protection (OCFP)
                                                                    Division of Consumer Compliance Policy and Outreach
                                                                    1775 Duke Street
                                                                    Alexandria, VA 22314
3. Air carners                                                      Asst. General Counsel for Aviation Enforcement & Proceedings
                                                                    Aviation Consumer Protection Division
                                                                    Department of Transportation
                                                                    1200 New Jersey Avenue, S.E.
                                                                    Washington, DC 20590
4. Creditors Subject to the Surface Transportation Board            Office of Proceedings, Surface Transportation Board
                                                                    Department of Transportation
                                                                    395 E Street, SW.
                                                                    Washington, DC 20423
5. Creditors Subject to the Packers and Stockyards Act, 1921        Nearest Packers and Stockyards Administration area supervisor
6. Small Business Investment Companies                              Associate Deputy Administrator for Capital Access
                                                                    United States Small Business Administration
                                                                    409 Third Street, SW., Suite 8200
                                                                    Washington, DC 20416
7. Brokers and Dealers                                              Securities and Exchange Commussion
                                                                    100 F Street, N.E
                                                                    Washington, DC 20549
8. Federal Land Banks, Federal Land Bank Associations,              Farm Credit Administration
Federal Intermediate Credit Banks, and Production Credit            1501 Farm Credit Drive
Associations                                                        McLean, VA 22102—5090
                                                                    Federal Trade Commission
Listed Above                                                        Consumer Response Center
                                                                    600 Pennsylvania Avenue, N.W.
                                                                    Washington, DC 20580
                                                                    (§77) 382—4357


                                             47042            Federal Register / Vol. 83, No. 181 / Tuesday, September 18, 2018 / Rules and Regulations

                                               Dated: September 11, 2018.                            Examining the AD Docket                                 Maintenance requirements and
                                             Mick Mulvaney,                                                                                                airworthiness limitations for the Airbus
                                                                                                        You may examine the AD docket on                   A310, A300–600 and A300–600ST family
                                             Acting Director, Bureau of Consumer                     the internet at http://                               aeroplanes, which are approved by EASA,
                                             Financial Protection.
                                                                                                     www.regulations.gov by searching for                  are currently defined and published in the
                                             [FR Doc. 2018–20184 Filed 9–17–18; 8:45 am]                                                                   Airbus A310 and A300–600 Airworthiness
                                                                                                     and locating Docket No. FAA–2018–
                                             BILLING CODE 4810–AM–C                                  0365; or in person at Docket Operations               Limitations Section (ALS) documents.
                                                                                                     between 9 a.m. and 5 p.m., Monday                     Certification Maintenance Requirements
                                                                                                     through Friday, except Federal holidays.              (CMR) for the Airbus A310 and A300–600,
                                                                                                                                                           which are approved by EASA, are specified
                                             DEPARTMENT OF TRANSPORTATION                            The AD docket contains this final rule,               in the Airbus A310 and A300–600 (including
                                                                                                     the regulatory evaluation, any                        A300–600ST) ALS Part 3 documents. These
                                             Federal Aviation Administration                         comments received, and other                          instructions have been identified as
                                                                                                     information. The address for Docket                   mandatory for continuing airworthiness.
                                             14 CFR Part 39                                          Operations (phone: 800–647–5527) is in                  Failure to accomplish these instructions
                                                                                                     the ADDRESSES section. Comments will                  could result in an unsafe condition.
                                             [Docket No. FAA–2018–0365; Product                                                                              EASA previously issued [EASA] AD 2013–
                                             Identifier 2017–NM–155–AD; Amendment
                                                                                                     be available in the AD docket shortly
                                                                                                     after receipt.                                        0072 [which corresponds to FAA AD 2015–
                                             39–19399; AD 2018–18–20]                                                                                      08–06, Amendment 39–18142 (80 FR 23230,
                                                                                                     FOR FURTHER INFORMATION CONTACT: Dan                  April 27, 2015) (‘‘AD 2015–08–06’’)] to
                                             RIN 2120–AA64                                           Rodina, Aerospace Engineer,                           require the implementation of the
                                                                                                     International Section, Transport                      maintenance requirements and associated
                                             Airworthiness Directives; Airbus SAS                                                                          airworthiness limitations as specified in
                                                                                                     Standards Branch, FAA, 2200 South
                                             Airplanes                                                                                                     Airbus A310 and A300–600 ALS Part 3
                                                                                                     216th St., Des Moines, WA 98198;
                                             AGENCY:  Federal Aviation                               telephone and fax 206–231–3225.                       documents at original issue.
                                                                                                                                                             Since that [EASA] AD was issued, new or
                                             Administration (FAA), Department of                     SUPPLEMENTARY INFORMATION:                            more restrictive maintenance requirements
                                             Transportation (DOT).                                                                                         and airworthiness limitations were approved
                                                                                                     Discussion
                                             ACTION: Final rule.                                                                                           by EASA. Consequently, Airbus published
                                                                                                       We issued a notice of proposed                      Revision 01 of the A310 ALS Part 3 and
                                             SUMMARY:    We are adopting a new                       rulemaking (NPRM) to amend 14 CFR                     A300–600 ALS Part 3, compiling all ALS Part
                                             airworthiness directive (AD) for all                    part 39 by adding an AD that would                    3 changes approved since original issue.
                                             Airbus SAS Model A300 B4–600, B4–                       apply to all Airbus SAS Model A300                      For the reason described above, this
                                             600R, and F4–600R series airplanes, and                                                                       [EASA] AD retains the requirements of EASA
                                                                                                     B4–600, B4–600R, and F4–600R series
                                             Model A300 C4–605R Variant F                                                                                  AD 2013–0072, which is superseded, and
                                                                                                     airplanes, and Model A300 C4–605R                     requires accomplishment of the actions
                                             airplanes (collectively called Model                    Variant F airplanes (collectively called              specified in A310 ALS Part 3 Revision 01 and
                                             A300–600 series airplanes); and Model                   Model A300–600 series airplanes); and                 A300–600 ALS Part 3 Revision 01.
                                             A310 series airplanes. This AD was                      Model A310 series airplanes. The NPRM
                                             prompted by a determination that more                                                                         This AD requires revising the
                                                                                                     published in the Federal Register on
                                             restrictive maintenance requirements                                                                          maintenance or inspection program to
                                                                                                     May 14, 2018 (83 FR 22222). The NPRM
                                             and airworthiness limitations are                                                                             incorporate certain maintenance
                                                                                                     was prompted by a determination that
                                             necessary. This AD requires revising the                                                                      requirements and airworthiness
                                                                                                     more restrictive maintenance
                                             maintenance or inspection program, as                                                                         limitations. The unsafe condition
                                                                                                     requirements and airworthiness
                                             applicable, to incorporate new or more                                                                        involves safety-significant latent failures
                                                                                                     limitations are necessary. The NPRM
                                             restrictive maintenance requirements                                                                          that would, in combination with one or
                                                                                                     proposed to require revising the
                                             and airworthiness limitations. We are                                                                         more other specific failures or events,
                                                                                                     maintenance or inspection program, as
                                             issuing this AD to address the unsafe                                                                         result in a hazardous or catastrophic
                                                                                                     applicable, to incorporate new or more
                                             condition on these products.                                                                                  failure condition of avionics, hydraulic
                                                                                                     restrictive maintenance requirements
                                                                                                                                                           systems, fire detection systems, fuel
                                             DATES: This AD is effective October 23,                 and airworthiness limitations.
                                                                                                                                                           systems, or other critical systems.
                                             2018. The Director of the Federal                         We are issuing this AD to address                      You may examine the MCAI in the
                                             Register approved the incorporation by                  safety-significant latent failures that               AD docket on the internet at http://
                                             reference of certain publications listed                would, in combination with one or more                www.regulations.gov by searching for
                                             in this AD as of October 23, 2018.                      other specific failures or events, result             and locating Docket No. FAA–2018–
                                             ADDRESSES: For service information                      in a hazardous or catastrophic failure                0365.
                                             identified in this final rule, contact                  condition of avionics, hydraulic
                                             Airbus SAS, Airworthiness Office—                       systems, fire detection systems, fuel                 Comments
                                             EAW, Rond-Point Emile Dewoitine No:                     systems, or other critical systems.                     We gave the public the opportunity to
                                             2, 31700 Blagnac Cedex, France;                           The European Aviation Safety Agency                 participate in developing this final rule.
                                             telephone +33 5 61 93 36 96; fax +33 5                  (EASA), which is the Technical Agent                  We have considered the comment
                                             61 93 44 51; email account.airworth-                    for the Member States of the European                 received. FedEx Express indicated its
                                             eas@airbus.com; internet http://                        Union, has issued EASA AD 2017–0203,                  support for the NPRM.
                                             www.airbus.com. You may view this                       dated October 12, 2017 (referred to after
                                             service information at the FAA,                         this as the Mandatory Continuing                      Request To Release Related ADs at the
                                             Transport Standards Branch, 2200                        Airworthiness Information, or ‘‘the                   Same Time
                                             South 216th St., Des Moines, WA. For                    MCAI’’), to correct an unsafe condition                  Airbus requested that we release this
daltland on DSKBBV9HB2PROD with RULES




                                             information on the availability of this                 for all Airbus SAS Model A300 B4–600,                 final rule at the same time as the
                                             material at the FAA, call 206–231–3195.                 B4–600R, and F4–600R series airplanes,                following related ADs to provide clarity
                                             It is also available on the internet at                 and Model A300 C4–605R Variant F                      to operators. All four pending ADs are
                                             http://www.regulations.gov by searching                 airplanes (collectively called Model                  related to the removal of the same 15
                                             for and locating Docket No. FAA–2018–                   A300–600 series airplanes); and Model                 nose landing gear parts from ALS Part
                                             0365.                                                   A310 series airplanes. The MCAI states:               1, on different airplane models.


                                        VerDate Sep<11>2014   16:42 Sep 17, 2018   Jkt 244001   PO 00000   Frm 00016   Fmt 4700   Sfmt 4700   E:\FR\FM\18SER1.SGM   18SER1



Document Created: 2018-09-18 01:19:03
Document Modified: 2018-09-18 01:19:03
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionRules and Regulations
ActionInterim final rule with request for public comment.
DatesThis interim final rule is effective on September 21, 2018. Comments must be received on or before November 19, 2018.
ContactSeth Caffrey, David Hixson, Amanda Quester, or Pavneet Singh, Senior Counsels, Office of Regulations, at 202-435-7700 or https://reginquiries.consumerfinance.gov/. If you require this document in an alternative electronic format, please contact [email protected]
FR Citation83 FR 47027 
RIN Number3170-AA82

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