In July, 2011, Morrison & Foerster published the client alert “FTC Rescinds FCRA Commentary in Handoff to CFPB.”
Earlier this week, the FTC withdrew its Statements of General Policy or Interpretations under the FCRA, which includes the FTC’s Commentary on the Fair Credit Reporting Act (“Commentary”). See 16 C.F.R. pt. 600. In addition, the FTC released a staff report—“Forty Years of Experience with the Fair Credit Reporting Act”—providing background on the FTC’s role in connection with the FCRA, as well as compiling and updating the FTC’s interpretations from the Commentary. The FTC withdrew its Commentary and issued its staff report one day before the “Designated Transfer Date,” the appointed day on which the CFPA became effective, and authority to enforce and administer the various consumer credit protection laws, including the FCRA, transferred to the new CFPB.
Click here to read the full alert.