June 14, 2004 News Archive

Board Issues Amendments to Regulation V
The Board recently issued amendments to Regulation V, which implements the Fair Credit Reporting Act (FCRA). These amendments provide model notices for institutions to use if they provide negative information to consumer reporting agencies, as well as guidance on how to use the models. The amendments are effective July 16, 2004.

Regulatory Agencies Seek Comments on Disposal of Consumer
Information
In a joint press release, the federal regulatory agencies requested comment on a proposal to require financial institutions to adopt measures for properly disposing of consumer information from credit reports. Comments must be received within 45 days of publicationof the proposal in the Federal Register.