Federal Trade Commission (FTC) (7)


Dodd-Frank Wall Street Reform and Consumer Protection Act (2)

Fair Credit Reporting Act (FCRA) (16)

In July 2011, the FTC issued a report, Forty Years of Experience with the Fair Credit Reporting Act: An FTC Staff Report and Summary of Interpretations.  According to the FTC’s press release for the 40 Year History report,

[t]he report offers a brief overview of the FTC’s role in enforcing and interpreting the FCRA and includes a section-by-section summary of the agency’s interpretations of the Act.

The FTC is also withdrawing the agency’s 1990 Commentary on the FCRA, which has become partially obsolete since it was issued 21 years ago. The 1990 Commentary was comprised of a series of FTC statements about how it would enforce the various provisions of the FCRA. Since 1990, the FRCA has been updated several times, most significantly by the Consumer Credit Reporting Reform Act of 1996 and the Fair and Accurate Credit Transactions Act of 2003, known as the FACT Act. Both updates expanded the provisions of the FCRA.

The new staff report deletes several FTC interpretations in the 1990 Commentary that have since been repealed, amended, or have become obsolete or outdated. It also modifies some interpretations in the 1990 Commentary, and adds several interpretations reflecting changes that Congress has made to the FCRA over the years, rules issued by the FTC and other agencies under the FACT Act, statements in numerous staff opinion letters, and the staff’s experience from significant enforcement actions.

The FTC also posted to its blog about the report.