August 16, 2004 News Archive

Board Requests Comment in Preparation of Study on Disputed Consumer Info Investigations
The Fair and Accurate Credit Transactions Act of 2003 (FACT Act ), which generally amends the Fair Credit Reporting Act (FCRA), requires the Board and the Federal Trade Commission to conduct a joint study of the extent to which consumer reporting agencies and furnishers of information to consumer reporting agencies comply with certain FCRA requirements. The study will focus on: 1) the prompt investigation of disputed information; 2) the completeness of information reported to consumer reporting agencies; and 3) the prompt correction or deletion of any information that cannot be verified.

The FACT Act also requires that the study, which must be submitted to Congress by December 4, 2004, include recommendations for appropriate legislative and regulatory action.

In connection with the study, the Board is soliciting public comment on issues that will assist in the preparation of the study. Comments are due by September 17, 2004.

OFAC Updates List of Specially Designated Nationals and Blocked Persons
On August 2, 2004, the Department of the Treasury's Office of Foreign Assets Control (OFAC) added four new entries to the Iraqi list, removed two entries from its Sudan list, and added a new entry to the Sudan list of Specially Designated Nationals and Blocked Persons (SDN).