The Federal Trade Commission not too long ago issued a collection of last guidelines that make technical modifications to its FCRA laws. The majority of these modifications relate to clarifying the scope of the FTC’s rulemaking authority. Following the Dodd-Frank Act, the FTC retained rulemaking authority for parts of FCRA as the sections apply to motorcar sellers, whereas rulemaking authority for different entities was transferred to the CFPB, which issued analogous guidelines below FCRA. The FTC’s modifications don’t have an effect on the CFPB’s FCRA laws (which apply to monetary establishments).
These current modifications embrace:
Amending the FTC’s Prescreen Opt-Out Notice Rule to mirror the narrower scope for the rule, for motorcar sellers, and reinstating an amended mannequin prescreen opt-out discover beforehand rescinded in 2019.
Amending the FTC’s Duties of Creditors Regarding Risk-Based Pricing Rule and its mannequin discover to mirror that this FTC rule now applies solely to motorcar sellers that use shopper studies or credit score scores for risk-based pricing. These modifications embrace modifying examples inside the rule to take away references to entities not inside the FTC rule’s scope.
Amending the FTC’s Duties of Furnishers of Information to Consumer Reporting Agencies Rule to mirror the narrower scope for the rule, for motorcar sellers, and making different technical revisions.
Amending the FTC’s Duties of Users of Consumer Reports Regarding Address Discrepancies Rule to mirror the narrower scope for the rule, for motorcar sellers.
Amending the FTC’s Affiliate Marketing Rule to mirror the narrower scope for the rule, for motorcar sellers.
The modifications to the FTC’s Prescreen Opt-Out Notice Rule are efficient October 13, 2021, and the modifications to the different 4 guidelines are efficient October 18, 2021.