Academic journal article Federal Reserve Bulletin

Comments Requested on Interim Final Rules to the Fair and Accurate Transactions Act of 2003

Academic journal article Federal Reserve Bulletin

Comments Requested on Interim Final Rules to the Fair and Accurate Transactions Act of 2003

Article excerpt

The Federal Reserve Board, on December 16, 2003, requested comment on interim final rules and proposed rules to establish effective dates for certain provisions of the Fair and Accurate Transactions Act of 2003 (FACT Act) including provisions that preempt state laws that regulate areas governed by the Fair Credit Reporting Act (FCRA). These regulations are being issued jointly with the Federal Trade Commission (FTC).

The recently enacted FACT Act amends the FCRA and requires the Board and the FTC, within sixty days of enactment, to adopt final rules establishing the effective dates for provisions of the FACT Act that do not have a statutorily prescribed effective date. The agencies jointly adopted interim final rules that established December 31, 2003, as the effective date for the preemption provisions of the FACT Act as well as provisions authorizing the agencies to adopt rules or take other actions to implement the FACT Act.

The current preemption provisions of the FCRA expired on January 1, 2004. Adopting these rules as interim final rules without advance public comment or delay was intended to avoid delays that could undermine the purpose of these provisions and cause confusion about the applicability of some state laws in areas that the Congress has determined should be governed by uniform national standards. …

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