Regulation V Info Regarding FCRA & FACTA

Answered by:

Question:

I am wondering what part Regulation V plays in FCRA and FACTA? I have been asked to review this for my next test and would like a little more insight into it.

Answer:

Jim Bedsole

Regulation V is the CFPB Regulation at 12 CFR Part 1022 that implements regulatory requirements to ensure adherence to the FCRA and FACTA. It works very similar to how Reg Z implements Truth in Lending Act. Banks are obligated to comply with both the statutory law - in this case the Fair Credit Reporting Act and the FACT Act - as well as with the implementing regulation - in this case Reg V - which provides more detail on how to comply with the statutory requirements.

Answer:

Randy Carey

And technically, the FACT Act is not a separate law from the FCRA.

The FACT Act was merely a set of amendments to the FCRA.

Referring to the FCRA and the FACT Act is like referring to The Truth-In-Lending Act and the Competitive Equality Banking Act of 1987.