Federal Deposit Insurance Corporation
550 17th Street NW, Washington, DC 20429 Division of Supervision
FAIR CREDIT REPORTING ACT
FIL-71-2000
October 26, 2000
TO: CHIEF EXECUTIVE OFFICER AND COMPLIANCE OFFICER
SUBJECT: Proposed Regulations Implementing the Fair Credit Reporting Act
The Gramm-Leach-Bliley Act (GLBA) authorizes the Federal Deposit Insurance Corporation
(FDIC), the Board of Governors of the Federal Reserve System, the Office of the Comptroller of
the Currency, and the Office of Thrift Supervision to develop regulations jointly to implement
provisions of the Fair Credit Reporting Act (FCRA). On October 20, 2000, the agencies
proposed the attached regulations to implement the FCRA's notice and opt-out provisions,
which govern the sharing of certain information among financial institution affiliates.
Comments on the proposal are due by December 4, 2000, and may be submitted to the FDIC
either in writing or electronically through its Electronic Public Comment site located on the
FDIC's Web site at www.fdic.gov.
The proposed regulations apply to any institution that wants to share consumer information with
its affiliates - other than transaction or experience information - without being considered a
consumer-reporting agency. The consumer information that is subject to the regulations must
bear on a consumer's creditworthiness, credit standing, credit capacity, character, general
reputation, personal characteristics or mode of living. An institution intending to share this
information with affiliates without becoming a consumer-reporting agency must first provide
consumers with a notice advising them of their right to opt out of this information sharing, as well
as a reasonable opportunity and convenient means to exercise this right.
The agencies have attempted to minimize the compliance burden on banks and thrifts by
conforming, where appropriate, the proposed requirements regarding the content and delivery
of the FCRA opt-out notice with recently adopted privacy regulations that were also required
under the GLBA.
For further information, please contact:
• Ken Baebel, Assistant Director - Compliance Policy (202-942-3086), or Lisa McQueen
Bailey, Review Examiner (202-942-3061), in the FDIC's Division of Compliance and
Consumer Affairs; or
• Ann Johnson (202-898-3573) or Nancy Schucker Recchia (202-898-8885), Counsels in
the FDIC's Legal Division.
Stephen M. Cross
Director
Attachments: Federal Register, October 20, 2000 (Volume 65, Number 204), pages 63119-
63141
HTML or PDF (299 KB File - PDF Help or Hard Copy)Inactive
550 17th Street NW, Washington, DC 20429 Division of Supervision
FAIR CREDIT REPORTING ACT
FIL-71-2000
October 26, 2000
TO: CHIEF EXECUTIVE OFFICER AND COMPLIANCE OFFICER
SUBJECT: Proposed Regulations Implementing the Fair Credit Reporting Act
The Gramm-Leach-Bliley Act (GLBA) authorizes the Federal Deposit Insurance Corporation
(FDIC), the Board of Governors of the Federal Reserve System, the Office of the Comptroller of
the Currency, and the Office of Thrift Supervision to develop regulations jointly to implement
provisions of the Fair Credit Reporting Act (FCRA). On October 20, 2000, the agencies
proposed the attached regulations to implement the FCRA's notice and opt-out provisions,
which govern the sharing of certain information among financial institution affiliates.
Comments on the proposal are due by December 4, 2000, and may be submitted to the FDIC
either in writing or electronically through its Electronic Public Comment site located on the
FDIC's Web site at www.fdic.gov.
The proposed regulations apply to any institution that wants to share consumer information with
its affiliates - other than transaction or experience information - without being considered a
consumer-reporting agency. The consumer information that is subject to the regulations must
bear on a consumer's creditworthiness, credit standing, credit capacity, character, general
reputation, personal characteristics or mode of living. An institution intending to share this
information with affiliates without becoming a consumer-reporting agency must first provide
consumers with a notice advising them of their right to opt out of this information sharing, as well
as a reasonable opportunity and convenient means to exercise this right.
The agencies have attempted to minimize the compliance burden on banks and thrifts by
conforming, where appropriate, the proposed requirements regarding the content and delivery
of the FCRA opt-out notice with recently adopted privacy regulations that were also required
under the GLBA.
For further information, please contact:
• Ken Baebel, Assistant Director - Compliance Policy (202-942-3086), or Lisa McQueen
Bailey, Review Examiner (202-942-3061), in the FDIC's Division of Compliance and
Consumer Affairs; or
• Ann Johnson (202-898-3573) or Nancy Schucker Recchia (202-898-8885), Counsels in
the FDIC's Legal Division.
Stephen M. Cross
Director
Attachments: Federal Register, October 20, 2000 (Volume 65, Number 204), pages 63119-
63141
HTML or PDF (299 KB File - PDF Help or Hard Copy)Inactive
Distribution: FDIC-Supervised Banks (Commercial and Savings)
NOTE: Paper copies of FDIC financial institution letters may be obtained through the FDIC's
Public Information Center, 801 17th Street, NW, Room 100, Washington, DC 20434 (800-276-
6003 or (703) 562-2200).Inactive
NOTE: Paper copies of FDIC financial institution letters may be obtained through the FDIC's
Public Information Center, 801 17th Street, NW, Room 100, Washington, DC 20434 (800-276-
6003 or (703) 562-2200).Inactive