Congress passed the Fair and Accurate Credit Transactions Act of 2003 (FACT Act or FACTA), amending the FCRA, to require the FTC to adopt rules to prevent consumer reporting agencies from avoiding treatment as nationwide consumer reporting agencies.

This rulemaking process is found in section 211(b) of the FACT Act, Public Law 108–159, 117 Stat. 1952, 15 U.S.C. 1681y, (sec. 629 of the FCRA). The rule is promulgated at 12 C.F.R. § 1022.140 (Reg. V, Subpart O). The interim final rule became effective on March 3, 2004, and the comment period closed on April 23, 2004. The FTC reported in the Federal Register in April 2006, that “[s]taff has reviewed the comments and is considering what additional action is appropriate.”

Before the passage of Dodd-Frank, the anti-circumvention rule was under the FTC’s jurisdiction and codified at 16 C.F.R. Part 611. The FTC rescinded the rule in April 2012 when FCRA rules were transferred to the CFPB.

The FTC began this rulemaking process in February 2014 when it published an interim final rule and a request for comments. 69 Fed. Reg. 8936 (Feb. 24, 2004).