Consumer Protection


  Federal banking regulators and the Federal Trade Commission published final rules and guidelines under the Fair and Accurate Credit Transactions Act to promote the accuracy and integrity of information furnished to credit bureaus and other consumer reporting agencies—information that is used predominantly to determine consumers’ eligibility for credit, employment, insurance and rental housing. The rules, issued by the Federal Reserve, the FDIC, the FTC, the National Credit Union Administration, the OCC and the OTS, are effective July 1, 2010.

 

The rules require entities that furnish information about consumers to consumer reporting agencies to include a consumer’s credit limit in the information provided. The agencies also issued an Advance Notice of Proposed Rulemaking (ANPR) to identify possible additions to the information that must be provided to consumer reporting agencies, such as an account opening date. The rules allow consumers to submit a dispute directly to the entity that furnished the information to the consumer reporting agency if the consumer believes his or her credit report contains inaccurate information. The rules do not change consumers’ rights to submit disputes directly to the consumer reporting agency or the furnishing agency’s duty to investigate a dispute referred by a consumer reporting agency.

 

The final rule, Procedures To Enhance the Accuracy and Integrity of Information Furnished to Consumer Reporting Agencies Under Section 312 of the Fair and Accurate Credit Transactions Act, and the ANPR, Guidelines for Furnishers of Information to Consumer Reporting Agencies, are available at the Federal Register online at www.gpoaccess.gov/fr.

 

SPONSORED REPORT

Revenue recognition: A complex effort

Implementing the new standard requires careful judgment. Learn how to make significant accounting judgments and document them and collaborate with peers for consistent application.

TECHNOLOGY Q&A

How to create maps in Excel 2016

Microsoft Excel 2016 has two new mapping capabilities. J. Carlton Collins, CPA, demonstrates how to make masterful 2D and 3D maps in Excel 2016.

QUIZ

News quiz: Economy and health care changes top CPAs’ list

CPA decision-makers’ economic outlook and the House Republicans’ proposed tax changes as part of replacing the Patient Protection and Affordable Care Act received attention recently. See how much you know with this short quiz.