Federal Reserve System and Federal Trade Commission: Fair Credit Reporting Risk-Based Pricing Regulations
GAO-10-408R, Feb 12, 2010
GAO reviewed the Federal Reserve System's (the Board) and Federal Trade Commission's (the Commission) new rule on fair credit reporting risk-based pricing regulations. GAO found that (1) the final rule generally requires a creditor to provide a risk-based pricing notice to a consumer when the creditor uses a consumer credit report to grant or extend credit to the consumer on material terms and the rule also provides for two alternative means by which creditors can determine when they are offering credit on material terms that are materially less favorable. In addition, the rule includes certain exceptions to the general rule; and (2) that the Board and the Commission complied with the applicable requirements in promulgating the rule.