(a)
Purpose. The purpose of this part is to implement the Fair Credit Reporting
Act (FCRA).
* This part generally applies to persons that obtain
and use information about consumers to determine the consumer’s eligibility
for products, services, or employment, share such information among
affiliates, and furnish information to consumer reporting agencies.
(b) Scope.
(1) [Reserved]
(2) Institutions
covered.
(i)
Except as otherwise provided in this part, this part applies to any
person subject to the FCRA except for a person excluded from coverage
of this part by section 1029 of the Consumer Financial Protection
Act of 2010, Title X of the Dodd-Frank Wall Street Reform and Consumer
Protection Act, Public Law 111-203, 124 Stat. 1376.
(ii) For purposes of Appendix B to this
part, financial institutions as defined in section 509 of the Gramm-Leach-Bliley
Act (12 U.S.C. 6809), may use the model notices in Appendix B to this
part to comply with the notice requirement in section 623(a)(7) of
the FCRA (15 U.S.C. 1681s-2(a)(7)).
(c) Model forms and disclosures.
(1) Use. Appendices D, H, I, K, L, M, and N contain model forms
and disclosures. These appendices carry out the directive in FCRA
that the Bureau prescribe such model forms and disclosures. Use or
distribution of these model forms and disclosures, or substantially
similar forms and disclosures, will constitute compliance with any
section or subsection of the FCRA requiring that such forms and disclosures
be used by or supplied to any person.
(2) Definition. Substantially similar
means that all information in the Bureau’s prescribed model is included
in the document that is distributed, and that the document distributed
is formatted in a way consistent with the format prescribed by the
Bureau. The document that is distributed shall not include anything
that interferes with, detracts from, or otherwise undermines the information
contained in the Bureau’s prescribed model. Until January 1, 2013,
the model forms in Appendices B, E, F, G, and H to 16 CFR part 698,
as those appendices existed as of October 1, 2011, are deemed substantially
similar to the corresponding model forms in Appendices H, I, K, M,
and N to this part, and the model forms in Appendix H to 12 CFR part
222, as that appendix existed as of October 1, 2011, are deemed substantially
similar to the corresponding model forms in Appendix H to this part.
