Bureau of Consumer Financial Protection: Fair Credit Reporting (Regulation V)
GAO-12-363R, Jan 13, 2012
GAO reviewed the Bureau of Consumer Financial Protection's (Bureau) new rule on Fair Credit Reporting. GAO found that (1) the interim final rule with request for public comment establishes a new Regulation V (Fair Credit Reporting). The rule does not impose any new substantive obligations on persons subject to the existing Fair Credit Reporting Act (FCRA) regulations. The interim final rule substantially duplicates the interagency regulations promulgated under the FCRA by the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Federal Trade Commission, the National Credit Union Administration, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision; and (2) the Bureau complied with applicable requirements in promulgating the rule.