Effective date for Reg V amendments

The Bureau of Consumer Financial Protection announced yesterday an interim final rule updating two model disclosures in Appendices I and K of Regulation V to reflect changes made to the Fair Credit Reporting Act by the EGRRCPA. The two disclosures—the Summary of Consumer Rights and the Summary of Consumer Identity Theft Rights—reflect the EGRRCPA amendments to the FCRA that requires nationwide consumer reporting agencies to provide free "national security freezes," and extend from 90 days to one year the minimum time that nationwide consumer reporting agencies must include an initial fraud alert in a consumer's file. The interim final rule also permits various compliance alternatives. It becomes effective as required by the EGRRCPA on September 21, 2018.