Fair Credit Reporting Act Disclosures

CourtConsumer Financial Protection Bureau
Citation86 FR 67649
Publication Date29 November 2021
Record Number2021-25938
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.
Rules and Regulations Federal Register
67649
Vol. 86, No. 226
Monday, November 29, 2021
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).
5
15 U.S.C. 1681j(f)(2).
6
5 U.S.C. 553(b)(B).
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.
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 CFPB_Accessibility@cfpb.gov.
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
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.
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.
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.
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67650
Federal Register / Vol. 86, No. 226 / Monday, November 29, 2021 / Rules and Regulations
7
5 U.S.C. 603(a), 604(a).
8
44 U.S.C. 3506; 5 CFR part 1320.
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
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.
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)
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.
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
DEPARTMENT OF TRANSPORTATION
Federal Aviation Administration
14 CFR Part 71
[Docket No. FAA–2021–0807; Airspace
Docket No. 21–AWA–2]
RIN 2120–AA66
Amendment of Class C Airspace;
Columbus, OH
AGENCY
: Federal Aviation
Administration (FAA), DOT.
ACTION
: Final rule.
SUMMARY
: This action amends the
Columbus, Port Columbus International
Airport, OH, Class C airspace
description to update the airport name
and airport reference point (ARP)
information to match the FAA’s
aeronautical database. Additionally,
minor administrative edits to the legal
description title and header information
are made for readability. This action
does not change the boundaries,
altitudes, or operating requirements of
the Class C airspace area.
DATES
: Effective date 0901 UTC, January
27, 2022. The Director of the Federal
Register approves this incorporation by
reference action under 1 CFR part 51,
subject to the annual revision of FAA
Order JO 7400.11 and publication of
conforming amendments.
ADDRESSES
: FAA Order JO 7400.11F,
Airspace Designations and Reporting
Points, and subsequent amendments can
be viewed online at https://
www.faa.gov/air_traffic/publications/.
For further information, you can contact
the Rules and Regulations Group,
Federal Aviation Administration, 800
Independence Avenue SW, Washington,
DC 20591; telephone: (202) 267–8783.
FAA Order JO 7400.11F is also available
for inspection at the National Archives
and Records Administration (NARA).
For information on the availability of
FAA Order JO 7400.11F at NARA,
email: fr.inspection@nara.gov or go to
https://www.archives.gov/federal-
register/cfr/ibr-locations.html.
FOR FURTHER INFORMATION CONTACT
:
Colby Abbott, Rules and Regulations
Group, Policy Directorate, Federal
Aviation Administration, 800
Independence Avenue SW, Washington,
DC 20591; telephone: (202) 267–8783.
SUPPLEMENTARY INFORMATION
:
Authority for This Rulemaking
The FAA’s authority to issue rules
regarding aviation safety is found in
Title 49 of the United States Code.
Subtitle I, Section 106 describes the
authority of the FAA Administrator.
Subtitle VII, Aviation Programs,
describes in more detail the scope of the
agency’s authority. This rulemaking is
promulgated under the authority
described in Subtitle VII, Part A,
Subpart I, Section 40103. Under that
section, the FAA is charged with
prescribing regulations to assign the use
of the airspace necessary to ensure the
safety of aircraft and the efficient use of
airspace. This regulation is within the
scope of that authority as it updates the
airport name and ARP geographic
coordinates contained in the Columbus,
Port Columbus International Airport,
OH, Class C airspace description.
History
Class C airspace areas are designed to
improve air safety by reducing the risk
of midair collisions in high volume
airport terminal areas and to enhance
the management of air traffic operations
in that area. During a recent review of
the Columbus, Port Columbus
International Airport, OH, Class C
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