U.S. Federal Reserve seeks comment on proposed rules on risk-based pricing notices and adverse action notices

Mar 1, 2011

The U.S. Federal Reserve issued the following news release today, March 1, 2011:

 

The Federal Reserve Board and the Federal Trade Commission (FTC) on Tuesday proposed regulations regarding the credit score disclosure requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The statute requires creditors to disclose credit scores and related information to consumers in risk-based pricing and adverse action notices under the Fair Credit Reporting Act (FCRA) if a credit score was used in setting the credit terms or taking adverse action.

The Board proposes to amend Regulation V (Fair Credit Reporting) to revise the content requirements for risk-based pricing notices and to add related model forms to reflect the new credit score disclosure requirements. The Board is issuing this proposal jointly with the FTC.

The Board also proposes to amend certain model notices in Regulation B (Equal Credit Opportunity), which combine the adverse action notice requirements for both Regulation B and the FCRA. The proposed amendments would revise the model notices to incorporate the new credit score disclosure requirements.

Public comments on the proposed rules under Regulations V and B are due 30 days after publication in the Federal Register, which is expected shortly.

To view the notices for both proposed Rules, click on the hyperlinks below:

Attachment (369 KB PDF)

Attachment2 (105 KB PDF)