Latest Compliance - FACTA Topics

FinCEN and the bank regulatory agencies have issued answers to frequently asked questions about the CIP rule. The answers don't contain any surprises and demonstrate a great deal of common sense.

One provision of FACTA requires timely destruction of consumer information from consumer reports. Look for regulations on record retention and destruction for consumer credit reports.

Just what your customers wanted to hear - the news that you have reported their undesirable credit behavior to a credit bureau.

Question: If we use more than one credit report in making a credit decision, do we have to tell the customer about both credit bureaus or is one enough?

FACTA creates a consumer bill of rights with respect to identity theft. As with most federal concepts, the consumer rights begin with a notice that explains the rights.

FACTA requires credit bureaus to act when a consumer alleges identity theft.

One of the studies authorized by FACTA is a study of the use of biometrics to reduce identity theft.

Congress has taken decisive action on the Fair Credit Reporting Act.

It is old news that HUD wants to make major changes to the real estate settlement process.

Another provision of FACTA, Section 115, allows consumers to request that the credit bureau not disclose their complete social security number.