Rule2021-25938
Fair Credit Reporting Act Disclosures
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
November 29, 2021
Effective
January 1, 2022
Issuing agencies
Consumer Financial Protection Bureau
Abstract
The Bureau of Consumer Financial Protection (Bureau) is issuing this final rule amending an appendix for Regulation V, which implements the Fair Credit Reporting Act (FCRA). The Bureau is required to calculate annually the dollar amount of the maximum allowable charge for disclosures by a consumer reporting agency to a consumer pursuant to the FCRA; this final rule establishes the maximum allowable charge for the 2022 calendar year.
Full Text
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<title>Federal Register, Volume 86 Issue 226 (Monday, November 29, 2021)</title>
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[Federal Register Volume 86, Number 226 (Monday, November 29, 2021)]
[Rules and Regulations]
[Pages 67649-67650]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-25938]
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Rules and Regulations
Federal Register
________________________________________________________________________
This section of the FEDERAL REGISTER contains regulatory documents
having general applicability and legal effect, most of which are keyed
to and codified in the Code of Federal Regulations, which is published
under 50 titles pursuant to 44 U.S.C. 1510.
The Code of Federal Regulations is sold by the Superintendent of Documents.
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Federal Register / Vol. 86, No. 226 / Monday, November 29, 2021 /
Rules and Regulations
[[Page 67649]]
BUREAU OF CONSUMER FINANCIAL PROTECTION
12 CFR Part 1022
Fair Credit Reporting Act Disclosures
AGENCY: Bureau of Consumer Financial Protection.
ACTION: Final rule; official interpretation.
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SUMMARY: The Bureau of Consumer Financial Protection (Bureau) is
issuing this final rule amending an appendix for Regulation V, which
implements the Fair Credit Reporting Act (FCRA). The Bureau is required
to calculate annually the dollar amount of the maximum allowable charge
for disclosures by a consumer reporting agency to a consumer pursuant
to the FCRA; this final rule establishes the maximum allowable charge
for the 2022 calendar year.
DATES: This final rule is effective January 1, 2022.
FOR FURTHER INFORMATION CONTACT: Lanique Eubanks, Senior Counsel;
Office of Regulations, at (202) 435-7700. If you require this document
in an alternative electronic format, please contact
<a href="/cdn-cgi/l/email-protection#f7b4b1a7b5a8b694949284849e959e9b9e838eb794918795d9909881"><span class="__cf_email__" data-cfemail="94d7d2c4d6cbd5f7f7f1e7e7fdf6fdf8fde0edd4f7f2e4f6baf3fbe2">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION: The Bureau is amending appendix O for
Regulation V, which implements the FCRA, to establish the maximum
allowable charge for disclosures by a consumer reporting agency to a
consumer for 2022. The maximum allowable charge will be $13.50 for
2022.
I. Background
Under section 609 of the FCRA, a consumer reporting agency must,
upon a consumer's request, disclose to the consumer information in the
consumer's file.\1\ Section 612(a) of the FCRA gives consumers the
right to a free file disclosure upon request once every 12 months from
the nationwide consumer reporting agencies and nationwide specialty
consumer reporting agencies.\2\ Section 612 of the FCRA also gives
consumers the right to a free file disclosure under certain other,
specified circumstances.\3\ Where the consumer is not entitled to a
free file disclosure, section 612(f)(1)(A) of the FCRA provides that a
consumer reporting agency may impose a reasonable charge on a consumer
for making a file disclosure. Section 612(f)(1)(A) of the FCRA provides
that the charge for such a disclosure shall not exceed $8.00 and shall
be indicated to the consumer before making the file disclosure.\4\
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\1\ 15 U.S.C. 1681g.
\2\ 15 U.S.C. 1681j(a).
\3\ 15 U.S.C. 1681j(b)-(d). The maximum allowable charge
announced by the Bureau does not apply to requests made under
section 612(a)-(d) of the FCRA. The charge does apply when a
consumer who orders a file disclosure has already received a free
annual file disclosure and does not otherwise qualify for an
additional free file disclosure.
\4\ 15 U.S.C. 1681j(f)(1)(A).
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Section 612(f)(2) of the FCRA also states that the $8.00 maximum
amount shall increase on January 1 of each year, based proportionally
on changes in the Consumer Price Index, with fractional changes rounded
to the nearest fifty cents.\5\ Such increases are based on the Consumer
Price Index for All Urban Consumers (CPI-U), which is the most general
Consumer Price Index and covers all urban consumers and all items.
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\5\ 15 U.S.C. 1681j(f)(2).
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II. Adjustment
For 2022, the ceiling on allowable charges under section 612(f) of
the FCRA will be $13.50, an increase of fifty cents from 2021. The
Bureau is using the $8.00 amount set forth in section 612(f)(1)(A)(i)
of the FCRA as the baseline for its calculation of the increase in the
ceiling on reasonable charges for certain disclosures made under
section 609 of the FCRA. Since the effective date of section 612(a) was
September 30, 1997, the Bureau calculated the proportional increase in
the CPI-U from September 1997 to September 2021. The Bureau then
determined what modification, if any, from the original base of $8.00
should be made effective for 2022, given the requirement that
fractional changes be rounded to the nearest fifty cents.
Between September 1997 and September 2021, the CPI-U increased by
70.168 percent from an index value of 161.2 in September 1997 to a
value of 274.31 in September 2021. An increase of 70.168 percent in the
$8.00 base figure would lead to a figure of $13.61. However, because
the statute directs that the resulting figure be rounded to the nearest
$0.50, the maximum allowable charge is $13.50. The Bureau therefore
determines that the maximum allowable charge for the year 2022 will
increase to $13.50.
III. Procedural Requirements
A. Administrative Procedure Act
Under the Administrative Procedure Act (APA), notice and
opportunity for public comment are not required if the Bureau finds
that notice and public comment are impracticable, unnecessary, or
contrary to the public interest.\6\ Pursuant to this final rule, in
Regulation V, appendix O is amended to update the maximum allowable
charge for 2022 under section 612(f). The amendments in this final rule
are technical and non-discretionary, as they merely apply the method
previously established in Regulation V for determining adjustments to
the thresholds. For these reasons, the Bureau has determined that
publishing a notice of proposed rulemaking and providing opportunity
for public comment are unnecessary. The amendments therefore are
adopted in final form.
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\6\ 5 U.S.C. 553(b)(B).
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Section 553(d) of the APA generally requires publication of a final
rule not less than 30 days before its effective date, except (1) a
substantive rule which grants or recognizes an exemption or relieves a
restriction; (2) interpretive rules and statements of policy; or (3) as
otherwise provided by the agency for good cause found and published
with the rule. 5 U.S.C. 553(d). At a minimum, the Bureau believes the
amendments made by this rule fall under the third exception to section
553(d). The Bureau finds that there is good cause to make this rule
effective on January 1, 2022. The amendments made by this rule are
technical and non-discretionary, and apply the method previously
established in the Bureau's regulations for automatic adjustments to
the threshold.
[[Page 67650]]
B. Regulatory Flexibility Act
Because no notice of proposed rulemaking is required, the
Regulatory Flexibility Act does not require an initial or final
regulatory flexibility analysis.\7\
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\7\ 5 U.S.C. 603(a), 604(a).
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C. Paperwork Reduction Act
In accordance with the Paperwork Reduction Act of 1995,\8\ the
Bureau reviewed this final rule. No collections of information pursuant
to the Paperwork Reduction Act are contained in the final rule.
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\8\ 44 U.S.C. 3506; 5 CFR part 1320.
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D. Congressional Review Act
Pursuant to the Congressional Review Act (5 U.S.C. 801 et seq.),
the Bureau will submit a report containing this rule and other required
information to the United States Senate, the United States House of
Representatives, and the Comptroller General of the United States prior
to the rule taking effect. The Office of Information and Regulatory
Affairs (OIRA) has designated this rule as not a ``major rule'' as
defined by 5 U.S.C. 804(2).
IV. Signing Authority
The Associate Director of Research, Markets, and Regulations, Janis
K. Pappalardo, having reviewed and approved this document, is
delegating the authority to electronically sign this document to Laura
Galban, a Bureau Federal Register Liaison, for purposes of publication
in the Federal Register.
List of Subjects in 12 CFR Part 1022
Banks, Banking, Consumer protection, Credit unions, Holding
companies, National banks, Privacy, Reporting and recordkeeping
requirements, Savings associations.
Authority and Issuance
For the reasons set forth in the preamble, the Bureau amends
Regulation V, 12 CFR part 1022, as set forth below:
PART 1022--FAIR CREDIT REPORTING (REGULATION V)
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1. The authority citation for part 1022 continues to read as follows:
Authority: 12 U.S.C. 5512, 5581; 15 U.S.C. 1681A, 1681B, 1681C,
1681C-1, 1681E, 1681G, 1681I, 1681J, 1681M, 1681S, 1681S-2, 1681S-3,
AND 1681T; SEC. 214, PUB. L. 108-159, 117 STAT. 1952.
0
2. Appendix O is revised to read as follows:
Appendix O to Part 1022--Reasonable Charges for Certain Disclosures
Section 612(f) of the FCRA, 15 U.S.C. 1681j(f), directs the
Bureau to increase the maximum allowable charge a consumer reporting
agency may impose for making a disclosure to the consumer pursuant
to section 609 of the FCRA, 15 U.S.C. 1681g, on January 1 of each
year, based proportionally on changes in the Consumer Price Index,
with fractional changes rounded to the nearest fifty cents. The
Bureau will publish notice of the maximum allowable charge each year
by amending this appendix. For calendar year 2022, the maximum
allowable charge is $13.50. For historical purposes:
1. For calendar year 2012, the maximum allowable disclosure
charge was $11.50.
2. For calendar year 2013, the maximum allowable disclosure
charge was $11.50.
3. For calendar year 2014, the maximum allowable disclosure
charge was $11.50.
4. For calendar year 2015, the maximum allowable disclosure
charge was $12.00.
5. For calendar year 2016, the maximum allowable disclosure
charge was $12.00.
6. For calendar year 2017, the maximum allowable disclosure
charge was $12.00.
7. For calendar year 2018, the maximum allowable disclosure
charge was $12.00.
8. For calendar year 2019, the maximum allowable disclosure
charge was $12.50.
9. For calendar year 2020, the maximum allowable disclosure
charge was $12.50.
10. For calendar year 2021, the maximum allowable disclosure
charge was $13.00.
11. For calendar year 2022, the maximum allowable disclosure
charge is $13.50.
Laura Galban,
Federal Register Liaison, Bureau of Consumer Financial Protection.
[FR Doc. 2021-25938 Filed 11-26-21; 8:45 am]
BILLING CODE 4810-AM-P
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