Rescission of Model Forms and Disclosures, 23471-23486 [2019-10110]
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Federal Register / Vol. 84, No. 99 / Wednesday, May 22, 2019 / Rules and Regulations
(63) Xunwei Technologies Co., Ltd.,
Taipei, Taiwan;
(64) Huawei Global Finance (UK)
Limited, Great Britain;
(65) Proven Glory, British Virgin
Islands;
(66) Proven Honour, British Virgin
Islands;
(67) Huawei Technologies (Vietnam)
Company Limited, Hanoi, Vietnam; and
(68) Huawei Technology Co. Ltd.,
Hanoi, Vietnam.
(b) Conditions for use of temporary
general license. Use of this temporary
general license is subject to the
following conditions:
(1) This temporary general license is
effective from May 20, 2019, through
August 19, 2019.
(2) This temporary general license
does not resolve persons of other
obligations under the EAR, including
but not limited to licensing
requirements to the Peoples Republic of
China or elsewhere and/or the
requirements of part 744 of the EAR.
This authorization does not authorize
any activities or transactions involving
Country Group E countries (i.e., Cuba,
Iran, North Korea, Sudan and Syria) or
persons.
(3) With the exception of those
explicitly authorized in this temporary
general license, exports, reexports,
transfers (in-country) continue to
require a license pursuant to the
licensing policy described on the Entity
List and license applications will be
reviewed under the license review
policy for that entry.
(c) Authorized transactions. This
temporary general license allows, from
May 20, 2019, through August 19, 2019,
the following:
(1) Continued operation of existing
networks and equipment: BIS authorizes
engagement in transactions, subject to
other provisions of the EAR, necessary
to maintain and support existing and
currently fully operational networks and
equipment, including software updates
and patches, subject to legally binding
contracts and agreements executed
between Huawei and third parties or the
sixty-eight non-U.S. Huawei affiliates
and third parties on or before May 16,
2019.
(2) Support to existing handsets: BIS
authorizes engagement in transactions,
subject to other provisions of the EAR,
necessary to provide service and
support, including software updates or
patches to existing Huawei handsets.
This authorization is limited to models
of Huawei handsets that were available
to the public on or before May 16, 2019.
(3) Cybersecurity research and
vulnerability disclosure: BIS authorizes,
subject to other provisions of the EAR,
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the disclosure to Huawei, and/or the
sixty-eight non-U.S. affiliates of
information regarding security
vulnerabilities in items owned,
possessed or controlled by Huawei or
any of the sixty-eight non-U.S. affiliates
when related to the process of providing
ongoing security research critical to
maintaining the integrity and reliability
of existing and currently fully
operational networks and equipment.
(4) Engagement as necessary for
development of 5G standards by a duly
recognized standards body: BIS
authorizes, subject to other provisions of
the EAR, engagement with Huawei and/
or the sixty-eight non-U.S. affiliates as
necessary for the development of 5G
standards as part of a duly recognized
international standards body (e.g.,
IEEE—Institute of Electrical and
Electronics Engineers; IETF—internet
Engineering Task Force; ISO—
International Organization for
Standards; ITU—International
Telecommunications Union; ETSI—
European Telecommunications
Standards Institute; 3GPP—3rd
Generation Partnership Project; TIA—
Telecommunications Industry
Association; and GSMA, a.k.a., GSM
Association, Global System for Mobile
Communications).
(d) Certification statement. Prior to
making an export, reexport, or transferor
(in-country) pursuant to this Temporary
General License, an exporter, reexporter,
or transferor must create a certification
statement. In order to rely on the
Temporary General License, the
certification statement must specify how
the export, reexport, or transfer (incountry) meets the scope of the
Temporary General License. The
exporter, reexporter, or transferor that
drafted the statement is responsible for
retaining the certification statement. See
part 762 of the EAR for record retention
requirements.
PART 762—[AMENDED]
3. The authority citation for part 762
is revised to read as follows:
■
Authority: Pub. L. 115–232, Title XVII,
Subtitle B. 50 U.S.C. 4601 et seq.; 50 U.S.C.
1701 et seq.; E.O. 13222, 66 FR 44025, 3 CFR,
2001 Comp., p. 783; Notice of August 8,
2018, 83 FR 39871 (August 13, 2018).
4. Section 762.2 is amended:
a. By removing the word ‘‘and’’ at the
end of paragraph (b)(53);
■ b. By removing the period at the end
of paragraph (b)(54) and adding a semicolon in its place, and
■ c. By adding paragraph (b)(55).
The addition reads as follows:
■
■
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§ 762.2
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Records to be retained.
(b) * * *
(55) Supplement No. 7 to Part 744,
Temporary General License Certification
Statement.
*
*
*
*
*
Dated: May 20, 2019.
Nazak Nikakhtar
Assistant Secretary for Industry and Analysis,
Performing the Nonexclusive Functions and
Duties of the Under Secretary for Industry
and Security.
[FR Doc. 2019–10829 Filed 5–20–19; 4:15 pm]
BILLING CODE P
FEDERAL TRADE COMMISSION
16 CFR Parts 640, 680, and 698
Rescission of Model Forms and
Disclosures
Federal Trade Commission.
Final rule; rescission of
regulations.
AGENCY:
ACTION:
The Federal Trade
Commission (‘‘FTC’’ or ‘‘Commission’’)
is rescinding several Model Forms and
Disclosures promulgated pursuant to the
Fair Credit Reporting Act (‘‘FCRA’’) that
it has determined are no longer
necessary. The Dodd-Frank Wall Street
Reform and Consumer Protection Act
transferred rulemaking authority
associated with these forms and
disclosures to the Bureau of Consumer
Financial Protection (‘‘Bureau’’ or
‘‘CFPB’’). Given the CFPB’s 2018
updates to its model forms and
disclosures, the Commission has
determined that rescinding several of its
model forms and disclosures would
reduce confusion. The Commission is
also making conforming amendments to
address references to the updated model
forms and disclosures in related rules.
DATES: This action is effective May 22,
2019.
FOR FURTHER INFORMATION CONTACT:
David Lincicum, Bureau of Consumer
Protection, Federal Trade Commission,
600 Pennsylvania Avenue NW,
Washington, DC 20580, (202) 326–2773,
dlincicum@ftc.gov, or Kenny Wright,
Office of the General Counsel, Federal
Trade Commission, 600 Pennsylvania
Avenue NW, Washington, DC 20580,
(202) 326–2907, kwright@ftc.gov.
SUPPLEMENTARY INFORMATION:
SUMMARY:
I. Background
Section 1061 of the Dodd-Frank Wall
Street Reform and Consumer Protection
Act (‘‘Dodd-Frank Act’’) 1 transferred
1 Public
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rulemaking authority for certain
enumerated consumer financial laws to
the Bureau, including portions of the
Fair Credit Reporting Act (‘‘FCRA’’),2
although the FTC retained general
rulemaking authority under Sections
615(e) (‘‘Red Flag Guidelines and
Regulations Required’’) and 628
(‘‘Disposal of Records’’) of the FCRA.
See 15 U.S.C. 1681s(e); Public Law 111–
203, sec. 1088(a)(10)(E). Following these
amendments, the Commission retains
rulemaking authority for its ‘‘Identity
Theft Rules,’’ 16 CFR part 681, and its
rules governing ‘‘Disposal of Consumer
Report Information and Records,’’ 16
CFR part 682, for all entities subject to
those rules. See 15 U.S.C. 1681m,
1681w.
The Commission also retains
rulemaking authority under the FCRA
over any motor vehicle dealer described
in Section 1029(a) of the Dodd-Frank
Act that is predominantly engaged in
the sale and servicing of motor vehicles,
the leasing and servicing of motor
vehicles, or both. See Dodd-Frank Act,
sec. 1029(a), (c).
After the issuance of the Dodd-Frank
Act, the Commission rescinded several
rules following their republication by
the CFPB. See 77 FR 22200 (2012). The
Forms and Disclosures to rescind forms
that are no longer necessary.
Accordingly, the Commission is
rescinding the following appendices in
16 CFR part 698:
• Appendix A—Model Prescreen OptOut Notices;
• Appendix D—Standardized Form
for Requesting Annual File Disclosures;
• Appendix E—Summary of Identity
Theft Rights;
• Appendix F—General Summary of
Consumer Rights;
• Appendix G—Notice of Furnisher
Responsibilities; and
• Appendix H—Notice of User
Responsibilities.
In addition, the Commission is
redesignating Appendix B—Model
Forms for Risk-Based Pricing and Credit
Score Disclosure Exception Notices as
appendix A, and Appendix C—Model
Forms for Affiliate Marketing Opt-Out
Notices as appendix B.
Following these rescissions, covered
entities should look to the
corresponding forms issued by the CFPB
to obtain the appropriate model forms
and disclosures. The following is a chart
that provides cross-references to the
appropriate forms:
Rescinded FTC Form
(16 CFR part 698)
Corresponding CFPB Form in Regulation V
(12 CFR part 1022)
Appendix A: Model Prescreen Opt Notices .............................................
Appendix D to Part 1022—Model Forms for Firm Offers of Credit or Insurance.
Appendix L to Part 1022—Standardized Form for Requesting Annual
File Disclosures.
Appendix I to Part 1022—Summary of Consumer Identity Theft Rights.
Appendix K to Part 1022—Summary of Consumer Rights.
Appendix M to Part 1022—Notice of Furnisher Responsibilities.
Appendix N to Part 1022—Notice of User Responsibilities.
Appendix
sures.
Appendix
Appendix
Appendix
Appendix
D: Standardized Form for Requesting Annual File DiscloE: Summary of Identity Theft Rights ........................................
F: General Summary of Consumer Rights ..............................
G: Notice of Furnisher Responsibilities ....................................
H: Notice of User Responsibilities ...........................................
The Commission is also making
conforming amendments to update
references in several Commission rules
to the currently applicable forms issued
under the FCRA. These amendments
address references to the model forms
and disclosures in the Risk-Based
Pricing Rule, 16 CFR part 640, and the
Affiliate Marketing Rule, 16 CFR part
680.
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Commission rescinded five rules issued
under the FCRA, as amended by the
FACT Act, that were republished by the
CFPB: (1) [Identity Theft] Definitions, 16
CFR part 603 (republished by the CFPB
at 12 CFR 1022.3); (2) Free Annual File
Disclosures Rule, 16 CFR part 610
(republished by the CFPB at 12 CFR
1022.130); (3) Prohibition Against
Circumventing Treatment as a
Nationwide Consumer Reporting
Agency, 16 CFR part 611 (republished
by the CFPB at 12 CFR 1022.140); (4)
Duration of Active Duty Alerts, 16 CFR
part 613 (republished by the CFPB at 12
CFR 1022.121); and (5) Appropriate
Proof of Identity, 16 CFR part 614
(republished by the CFPB at 12 CFR
1022.123).
The FTC also retained seven rules
issued under the FCRA, as amended,
that continue to apply to motor vehicle
dealers, including the FCRA Model
Forms and Disclosures in 16 CFR part
698.3
The CFPB recently issued further
revisions to its own model forms and
disclosures associated with the FCRA
on September 18, 2018 through an
interim final rulemaking. See 83 FR
47027 (2018).
The Commission is now adopting
further revisions to its own Model
II. Procedural Requirements
Under the Administrative Procedure
Act, an agency may promulgate or
rescind a rule without prior notice and
an opportunity for public comment if
the agency finds for good cause that
2 15 U.S.C. 1681 et seq. Section 1088 of the DoddFrank Act made conforming amendments to the
FCRA.
3 The other six retained rules that pertain to motor
vehicle dealers consisted of: (1) Privacy of
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notice and comment are unnecessary.4
The Commission has determined that
public comment on the rescission of
these rules is unnecessary because the
rulemaking authority for rules
associated with these model forms and
disclosures has transferred to the CFPB
pursuant to the Dodd-Frank Act. The
rescission of these FTC model forms
will help avoid confusion as to which
model forms and disclosures covered
entities should look to in order to fulfill
their disclosure obligations under the
FCRA. Thus, there is no reason for
public comment on this regulatory
action.
In addition, the Commission has
determined that these rescissions may
take effect immediately upon
publication of this notice in the Federal
Register, as permitted by the
Administrative Procedure Act.5 The
removal of the regulations is exempt
from the usual 30-day notice
requirement as it merely ‘‘relieves a
restriction’’ from FTC requirements. The
30-day notice requirement does not
apply under these circumstances, in
which the underlying rulemaking
authority for rules associated with these
model forms and disclosures has
transferred to the CFPB. Therefore,
Consumer Financial Information Privacy Rule, 16
CFR part 313; (2) Duties of Creditors Regarding
Risk-Based Pricing, 16 CFR part 640; (3) Duties of
Users of Consumer Reports Regarding Address
Discrepancies, 16 CFR part 641; (4) Prescreen OptOut Notice, 16 CFR part 642; (5) Duties of
Furnishers of Information to Consumer Reporting
Agencies, 16 CFR part 660; and (6) Affiliate
Marketing, 16 CFR part 680.
4 5 U.S.C. 553(b)(B).
5 5 U.S.C. 553(d)(1).
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appears in the section, and add in its
place the reference indicated in the right
column:
affected persons do not need time to
prepare for or take any action with
regard to the rescission.
III. Paperwork Reduction Act
Remove
The FTC is rescinding several model
forms and disclosures contained in 16
CFR part 698 that it has determined are
no longer necessary. The removal of
these forms will not impact paperwork
burden estimates relating to the
Commission’s rules issued under the
FCRA. Neither the Model Forms and
Disclosures in 16 CFR part 698 that are
being rescinded nor the remaining
Model Forms and Disclosures fall
within the definition of a ‘‘collection of
information’’ covered by the Paperwork
Reduction Act (‘‘PRA’’), 44 U.S.C. 3501–
3521, because they constitute ‘‘[t]he
public disclosure of information
originally supplied by the Federal
government to the recipient for the
purpose of disclosure to the public
* * *.’’ 5 CFR 1320.3(c)(2).6
Accordingly, these model forms and
disclosures do not constitute a
‘‘collection of information’’ as defined
in the regulations implementing the
PRA, nor do the financial resources
expended in relation to the distribution
of these documents constitute a PRA
burden.
IV. Regulatory Flexibility Act
Because the Commission has
determined that it may remove these
model forms and disclosures without
public comment, the Commission is also
not required to publish an initial or final
regulatory flexibility analysis under the
Regulatory Flexibility Act as part of
such action.7
List of Subjects in 16 CFR Parts 640,
680, and 698
PART 640—DUTIES OF CREDITORS
REGARDING RISK-BASED PRICING
1. The authority citation for part 640
is revised to read as follows:
■
Authority: 12 U.S.C. 5519; 15 U.S.C.
1681m(h).
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[Amended]
2. In § 640.4(b)(2), for each reference
indicated in the left column, remove the
reference indicated from wherever it
■
6 See 62 FR 35586, 35589 (1997); 69 FR 69776,
69784 (2004).
7 See 5 U.S.C. 603(a), 604(b).
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............................
............................
............................
............................
§ 640.5
A–1.
A–2.
A–6.
A–7.
(b) Purpose. The purpose of this part
is to comply with sections 615(h) and
624 of the Fair Credit Reporting Act, as
amended by the Fair and Accurate
Credit Transactions Act of 2003, and
section 214(b) of the Fair and Accurate
Credit Transactions Act of 2003.
■ 8. Revise § 698.2 to read as follows:
§ 698.2
[Amended]
3. In § 640.5, for each reference
indicated in the left column, remove the
reference indicated from wherever it
appears in the section, and add in its
place the reference indicated in the right
column:
■
Remove
Add
16 CFR part B ...........
16 CFR Part 698, Appendix B.
appendix B ................
B–3 ............................
B–4 ............................
B–5 ............................
16 CFR part 698.
16 CFR part 698, appendix A.
appendix A.
A–3.
A–4.
A–5.
Legal effect.
The model forms and disclosures
prescribed by the FTC in this part do
not constitute a trade regulation rule.
The issuance of the model forms and
disclosures set forth in appendices A
and B of this part carry out the directive
in the statute that the FTC prescribe
these forms and disclosures. Use or
distribution of the model forms and
disclosures in this part will constitute
compliance with any section or
subsection of the FCRA requiring that
such forms and disclosures be used by
any motor vehicle dealer subject to the
FTC’s rulemaking authority.
Appendices A Through H [Removed]
9. Remove appendices A through H.
10. Add a new appendix A to read as
follows:
■
PART 680—AFFILIATE MARKETING
4. The authority citation for part 680
is revised to read as follows:
■
Authority: 12 U.S.C. 5519; 15 U.S.C.
1681s–3; 15 U.S.C. 1681s–3 note.
§ 680.23
[Amended]
5. In § 680.23(a)(4), remove the words
‘‘Appendix C of Part 698 of this
chapter’’ and add in their place the
words ‘‘appendix B of part 698 of this
chapter’’.
■
PART 698—MODEL FORMS AND
DISCLOSURES
6. The authority citation for part 698
is revised to read as follows:
■
Consumer reporting agencies,
Consumer reports, Credit, Fair Credit
Reporting Act, Trade practices.
Accordingly, for the reasons set forth
above, the Commission amends title 16,
Code of Federal Regulations, as follows:
§ 640.4
B–1
B–2
B–6
B–7
Add
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Authority: 12 U.S.C. 5519; 15 U.S.C.
1681m(h); 15 U.S.C. 1681s–3; 15 U.S.C.
1681s–3 note.
■
7. Revise § 698.1 to read as follows:
§ 698.1
Authority and purpose.
(a) Authority. This part is issued by
the Commission pursuant to the
provisions of the Fair Credit Reporting
Act (15 U.S.C. 1681 et seq.), as amended
by the Consumer Credit Reporting
Reform Act of 1996 (Title II, Subtitle D,
Chapter 1, of the Omnibus Consolidated
Appropriations Act for Fiscal Year
1997), Public Law 104–208, 110 Stat.
3009–426 (Sept. 30, 1996), the Fair and
Accurate Credit Transactions Act of
2003, Public Law 108–159, 117 Stat.
1952 (Dec. 4, 2003), and the Dodd-Frank
Wall Street Reform and Consumer
Protection Act, Public Law 111–203,
124 Stat. 1376–2223 (July 21, 2010).
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■
Appendix A to Part 698—Model Forms
for Risk-Based Pricing and Credit Score
Disclosure Exception Notices
1. This appendix contains four model
forms for risk-based pricing notices and three
model forms for use in connection with the
credit score disclosure exceptions. Each of
the model forms is designated for use in a
particular set of circumstances as indicated
by the title of that model form.
2. Model form A–1 is for use in complying
with the general risk-based pricing notice
requirements in § 640.3 if a credit score is not
used in setting the material terms of credit.
Model form A–2 is for risk-based pricing
notices given in connection with account
review if a credit score is not used in
increasing the annual percentage rate. Model
form A–3 is for use in connection with the
credit score disclosure exception for loans
secured by residential real property. Model
form A–4 is for use in connection with the
credit score disclosure exception for loans
that are not secured by residential real
property. Model form A–5 is for use in
connection with the credit score disclosure
exception when no credit score is available
for a consumer. Model form A–6 is for use
in complying with the general risk-based
pricing notice requirements in § 640.3 if a
credit score is used in setting the material
terms of credit. Model form A–7 is for riskbased pricing notices given in connection
with account review if a credit score is used
in increasing the annual percentage rate. All
forms contained in this appendix are models;
their use is optional.
3. A person may change the forms by
rearranging the format or by making technical
modifications to the language of the forms, in
each case without modifying the substance of
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the disclosures. Any such rearrangement or
modification of the language of the model
forms may not be so extensive as to
materially affect the substance, clarity,
comprehensibility, or meaningful sequence
of the forms. Persons making revisions with
that effect will lose the benefit of the safe
harbor for appropriate use of the model forms
in this appendix. A person is not required to
conduct consumer testing when rearranging
the format of the model forms.
a. Acceptable changes include, for
example:
i. Corrections or updates to telephone
numbers, mailing addresses, or website
addresses that may change over time.
ii. The addition of graphics or icons, such
as the person’s corporate logo.
iii. Alteration of the shading or color
contained in the model forms.
iv. Use of a different form of graphical
presentation to depict the distribution of
credit scores.
v. Substitution of the words ‘‘credit’’ and
‘‘creditor’’ or ‘‘finance’’ and ‘‘finance
company’’ for the terms ‘‘loan’’ and ‘‘lender.’’
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vi. Including pre-printed lists of the
sources of consumer reports or consumer
reporting agencies in a ‘‘check-the-box’’
format.
vii. Including the name of the consumer,
transaction identification numbers, a date,
and other information that will assist in
identifying the transaction to which the form
pertains.
viii. Including the name of an agent, such
as an auto dealer or other party, when
providing the ‘‘Name of the Entity Providing
the Notice.’’
b. Unacceptable changes include, for
example:
i. Providing model forms on register
receipts or interspersed with other
disclosures.
ii. Eliminating empty lines and extra
spaces between sentences within the same
section.
4. Optional language in model forms A–6
and A–7 may be used to direct the consumer
to the entity (which may be a consumer
reporting agency or the creditor itself, for a
proprietary score that meets the definition of
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a credit score) that provided the credit score
for any questions about the credit score,
along with the entity’s contact information.
Creditors may use or not use the additional
language without losing the safe harbor, since
the language is optional.
A–1 Model form for risk-based pricing
notice.
A–2 Model form for account review riskbased pricing notice.
A–3 Model form for credit score
disclosure exception for loans secured by one
to four units of residential real property.
A–4 Model form for credit score
disclosure exception for loans not secured by
residential real property.
A–5 Model form for credit score
disclosure exception for loans where credit
score is not available.
A–6 Model form for risk-based pricing
notice with credit score information.
A–7 Model form for account review
risk-based pricing notice with credit score
information.
BILLING CODE 6750–01–P
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23475
A-1. Model form for rjsk-based prjcjng notjce
[Name of Entity Providing the Notice]
Your Credit Report[ s] and the Price You Pay for Credit
A credit report is a record of your credit history. It includes information
about whether you pay your bills on time and how much you owe to creditors.
We used information from your credit report[s] to set the terms of the credit
we are offering you, such as the [Annual Percentage Rate/down payment].
The terms offered to you may be less favorable than the terms offered to
consumers who have better credit histories.
You have a right to dispute any inaccurate information in your credit
report[s].
If you fmd mistakes on your credit report[s], contact [insert name of
CRA(s)], which [is/are] the [consumer reporting agency/consumer reporting
agencies] from which we obtained your credit report[s].
It is a good idea to check your credit report[s] to make sure the information [it
contains/they contain] is accurate.
Under federal law, you have the right to obtain a copy of your credit report[s]
without charge for 60 days after you receive this notice. To obtain your free
report[s], contact [insert name ofCRA(s)]:
By telephone:
Call toll-free: l-877-xxx-xx:xx
By mail:
Mail your written request to:
[Insert address]
On the web:
Visit [insert web site address]
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For more information about credit reports and your rights under federal law,
visit the Consumer Financial Protection Bureau's website at
www.consumerfinance.gov/learnmore, or the Federal Trade Commission's
website at www.ftc.gov.
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A-2. Model form for account reyjew rjsk-based prjcjng notjce
[Name of Entity Providing the Notice]
Your Credit Report[ s] and the Pricing of Your Account
A credit report is a record of your credit history. It includes information
about whether you pay your bills on time and how much you owe to creditors.
We have used information from your credit report[s] to review the terms of
your account with us.
Based on our review of your credit report[s], we have increased the annual
percentage rate on your account.
You have a right to dispute any inaccurate information in your credit
report[s].
If you fmd mistakes on your credit report[s], contact [insert name of
CRA(s)], which [is/are] [a consumer reporting agency/consumer reporting
agencies] from which we obtained your credit report[s].
It is a good idea to check your credit report[s] to make sure the information [it
contains/they contain] is accurate.
Under federal law, you have the right to obtain a copy of your credit report[s]
without charge for 60 days after you receive this notice. To obtain your free
report[s], contact [insert name ofCRA(s)]:
By telephone:
Call toll-free: 1-877-:xxx-xx:xx
By mail:
Mail your written request to:
[Insert address]
On the web:
Visit [insert web site address]
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ER22MY19.026</GPH>
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For more information about credit reports and your rights under federal law,
visit the Consumer Financial Protection Bureau's website at
www.consumerfinance.gov/learnmore, or the Federal Trade Commission's
web site at www.ftc.gov.
Federal Register / Vol. 84, No. 99 / Wednesday, May 22, 2019 / Rules and Regulations
23477
A-3. Model form for credjt score djsclosyre exceptjon for loans secured by one to four unjts of resjdentjal real
nrgperty
(Name of Entity Providing the Notice]
Your Credit Seore and the Price You Pay for Credit
[Insert credit score]
Source: [Insert 110uree)
Date: [Insert date score was created]
Your credit score is a number that reflects the information in your credit report
Your credit report is a record of your credit history. It includes information about whether
you pay your bills on time and how much you owe to creditors.
Your credit score can change, depending on how your credit history changes.
Your credit score can affect whether you can get a loan and how much you will have to pay
for that loan
Scores range from a low of [Insert bottom number in the range) to a high of [Insert top
number in the range].
Generally, the higher your score, the more likely you are to be offered better credit terms.
.e
•e
Ill
~-
=I
;:;
'J:;
e.!:!
:::::~1::
•II.
8'6
-
(30%]
-
-
(20o/o]
(Ui%1
[10%)
r-oo-
115%)
-
r-oo-
[10o/o)
-
~
~
[0-100)
[101-200]
[201-300]
[301-400]
[401-500]
[501-600]
Score Range
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ER22MY19.027</GPH>
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[or] [Your credit score ranks higher than [X] percent ofU.S. consumers.]
Federal Register / Vol. 84, No. 99 / Wednesday, May 22, 2019 / Rules and Regulations
jbell on DSK3GLQ082PROD with RULES
Notice to the Home Loan Applicant
In connection with your application for a
home loan, the lender must disclose to you
the score that a consumer reporting agency
distributed to users and the lender used in
connection with your home loan, and the key
factors affecting your credit scores.
The credit score is a computer generated
summary calculated at the time of the request
and based on information that a consumer
reporting agency or lender has on file. The
scores are based on data about your credit
history and payment patterns. Credit scores
are important because they are used to assist
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Jkt 247001
the lender in determining whether you will
obtain a loan. They may also be used to
determine what interest rate you may be
offered on the mortgage. Credit scores can
change over time, depending on your
conduct, how your credit history and
payment patterns change, and how credit
scoring technologies change.
Because the score is based on information
in your credit history, it is very important
that you review the credit-related
information that is being furnished to make
sure it is accurate. Credit records may vary
from one company to another.
PO 00000
Frm 00040
Fmt 4700
Sfmt 4700
If you have questions about your credit
score or the credit information that is
furnished to you, contact the consumer
reporting agency at the address and
telephone number provided with this notice,
or contact the lender, if the lender developed
or generated the credit score. The consumer
reporting agency plays no part in the
decision to take any action on the loan
application and is unable to provide you
with specific reasons for the decision on a
loan application.
If you have questions concerning the terms
of the loan, contact the lender.
E:\FR\FM\22MYR1.SGM
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ER22MY19.028</GPH>
23478
Federal Register / Vol. 84, No. 99 / Wednesday, May 22, 2019 / Rules and Regulations
23479
A-4, Model form for credjt score djsclosure excentjon for loans not secured by resjdentjal real nronertv
[Name of Entity Providing the Notice]
Your Credit Score and the Price You Pay for Credit
[Insert credit score]
Date: [Insert date score was created]
Source: [Insert source]
Your credit score is a number that reflects the information in your credit report.
Your credit report is a record of your credit history. It includes information about whether
you pay your bills on time and how much you owe to creditors.
Your credit score can change, depending on how your credit history changes.
Your credit score can affect whether you can get a loan and how much you will have to pay
for that loan.
&:ores nmge from a low of [Insert bottom number in the range] to a high of [Insert top
number ln the range].
Generally, the higher your score, the more likely you are to be offered better credit terms.
(30%1
-
,.....-
[10%1
[15%1
D
[10%1
-
[0-1001
r-
[15%1
-
[101-100]
,.....-
(10%)
r-
(101-300]
(301-4001
(401-5001
[501-600]
ScoreRanae
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[or] [Yourcreditscoreranks higher than [X] percentofU.S. consumers.]
23480
Federal Register / Vol. 84, No. 99 / Wednesday, May 22, 2019 / Rules and Regulations
You have a right to dispute any inaccurate information in your credit report. If you
fmd mistakes on your credit report, contact the consumer reporting agency.
It is a good idea to check your credit report to make sure the information it contains is
accurate.
Under federal law, you have the right to obtain a free copy of your credit report from
each of the nationwide consumer reporting agencies once a year.
To order your free annual credit reportBy telephone:
Call toll-free: 1-877-322-8228
On the web:
Visit
By mail:
Mail your completed Arm.ual Credit Report Request Form (which
you can obtain from the Federal Trade Commission's web site at
htto://www.ftc.govI bcp/conline/include/reguestformfmal.pdf) to:
Arm.ual Credit Report Request Service
P.O. Box 105281
Atlanta, GA 30348-5281
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For more information about credit reports and your rights under federal law,
visit the Consumer Financial Protection Bureau's website at
www.consumerfinance.gov/learnmore, or the Federal Trade Commission's
web site at www.ftc.gov.
Federal Register / Vol. 84, No. 99 / Wednesday, May 22, 2019 / Rules and Regulations
23481
A-5. Model form for credit score disclosure for loans where credit score is not available
[Name of Entity Providing the Notice]
Credit Scores and the Price You Pay for Credit
Your credit score is not available from [Insert name of CRA], which is a consumer reporting
agency, because they may not have enough information about your credit history to calculate a
A credit score is a number that reflects the information in a credit report.
A credit report is a record of your credit history. It includes information about whether you pay
your bills on time and how much you owe to creditors.
A credit score can change, depending on how a consumer's credit history changes.
Credit scores are important because consumers who have higher credit scores generally will get
more favorable credit terms.
Not having a credit score can affect whether you can get a loan and how much you will have to pay
for that loan.
You have a right to dispute any inaccurate information in your credit report. If you fmd mistakes
on your credit report, contact the consumer reporting agency.
It is a good idea to check your credit report to make sure the information it contains is accurate.
Under federal law, you have the right to obtain a free copy of your credit report from each of the
nationwide consumer reporting agencies once a year.
To order your free annual credit reportCall toll-free: 1-877-322-8228
Visit www.annualcreditreport.com
Mail your completed Annual Credit Report Request Form (which you can obtain
from the Federal Trade Commission's web site at https://www.ftc.gov/
bcp/conline/include/requestformfmal.pdf) to:
For more information about credit reports and your rights under federal law, visit the Consumer
Financial Protection Bureau's website at www.consumerfmance.gov/learnmore, or the Federal
Trade Commission's web site at www.ftc.gov.
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Annual Credit Report Request Service
P.O. Box 105281
Atlanta, GA 30348-5281
23482
Federal Register / Vol. 84, No. 99 / Wednesday, May 22, 2019 / Rules and Regulations
A-6. Model form for risk-based pricing notice with credit score information
[Name of Entity Providing the Notice]
Your Credit Report[ s] and the Price You Pay for Credit
A credit report is a record of your credit history. It includes information
about whether you pay your bills on time and how much you owe to creditors.
We used information from your credit report[s] to set the terms of the credit
we are offering you, such as the [Annual Percentage Rate/down payment].
The terms offered to you may be less favorable than the terms offered to
consumers who have better credit histories.
You have a right to dispute any inaccurate information in your credit
report[s].
If you fmd mistakes on your credit report[s], contact [insert name of
CRA(s)], which [is/are] the [consumer reporting agency/consumer reporting
agencies] from which we obtained your credit report[s].
It is a good idea to check your credit report[s] to make sure the information [it
contains/they contain] is accurate.
Under federal law, you have the right to obtain a copy of your credit report[s]
without charge for 60 days after you receive this notice. To obtain your free
report[s], contact [insert name ofCRA(s)]:
By telephone:
Call toll-free: 1-877-xxx-xxxx
By mail:
Mail your written request to:
[Insert address]
On the web:
Visit [insert web site address]
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ER22MY19.032</GPH>
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For more information about credit reports and your rights under federal law,
visit the Consumer Financial Protection Bureau's website at
www.consumerfmance.gov/learnmore, or the Federal Trade Commission's
web site at www.ftc.gov.
Federal Register / Vol. 84, No. 99 / Wednesday, May 22, 2019 / Rules and Regulations
23483
Your Credit Score and Understanding Your Credit Score
[Insert credit score]
Source: [Insert source]
Date: [Insert date score was created]
Your credit score is a number that reflects the information in your credit report. We used
your credit score to set the terms of credit we are offering you.
Your credit score can change, depending on how your credit history changes.
Scores range from a low of [Insert bottom number in the range] to a high of [Insert
top number in the range].
[Insert first factor]
[Insert second factor]
[Insert third factor]
[Insert fourth factor]
[Insert number of enquiries as a key factor, if applicable]
[If you have any questions regarding your credit score, you should contact [entity that
provided the credit score] at:
Adilless: _______________________________________________________
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[Toll-free] Telephone number: _____________________________________.
23484
Federal Register / Vol. 84, No. 99 / Wednesday, May 22, 2019 / Rules and Regulations
A-7. Model form for account review risk-based pricing notice with credit score information
[Name of Entity Providing the Notice]
Your Credit Report[ s] and the Pricing of Your Account
A credit report is a record of your credit history. It includes information
about whether you pay your bills on time and how much you owe to creditors.
We have used information from your credit report[s] to review the terms of
your account with us.
Based on our review of your credit report[s], we have increased the annual
percentage rate on your account.
You have a right to dispute any inaccurate information in your credit
report[s].
If you fmd mistakes on your credit report[s], contact [insert name of
CRA(s)], which [is/are] [a consumer reporting agency/consumer reporting
agencies] from which we obtained your credit report[s].
It is a good idea to check your credit report[s] to make sure the information [it
contains/they contain] is accurate.
Under federal law, you have the right to obtain a copy of your credit report[s]
without charge for 60 days after you receive this notice. To obtain your free
report[s], contact [insert name ofCRA(s)]:
By telephone:
Call toll-free: 1-877-xxx-xxxx
By mail:
Mail your written request to:
[Insert address]
On the web:
Visit [insert web site address]
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22MYR1
ER22MY19.034</GPH>
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For more information about credit reports and your rights under federal law,
visit the Consumer Financial Protection Bureau's website at
www.consumerfmance.gov/learnmore, or the Federal Trade Commission's
web site at www.ftc.gov.
Federal Register / Vol. 84, No. 99 / Wednesday, May 22, 2019 / Rules and Regulations
11. Add a new appendix B to read as
follows:
■
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Appendix B to Part 698—Model Forms
for Affiliate Marketing Opt-Out Notices
A. Although use of the model forms is not
required, use of the model forms in this
Appendix (as applicable) complies with the
requirement in section 624 of the Act for
clear, conspicuous, and concise notices.
B. Certain changes may be made to the
language or format of the model forms
without losing the protection from liability
afforded by use of the model forms. These
changes may not be so extensive as to affect
the substance, clarity, or meaningful
sequence of the language in the model forms.
Persons making such extensive revisions will
lose the safe harbor that this Appendix
provides. Acceptable changes include, for
example:
1. Rearranging the order of the references
to ‘‘your income,’’ ‘‘your account history,’’
and ‘‘your credit score.’’
2. Substituting other types of information
for ‘‘income,’’ ‘‘account history,’’ or ‘‘credit
score’’ for accuracy, such as ‘‘payment
history,’’ ‘‘credit history,’’ ‘‘payoff status,’’ or
‘‘claims history.’’
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3. Substituting a clearer and more accurate
description of the affiliates providing or
covered by the notice for phrases such as
‘‘the [ABC] group of companies,’’ including
without limitation a statement that the entity
providing the notice recently purchased the
consumer’s account.
4. Substituting other types of affiliates
covered by the notice for ‘‘credit card,’’
‘‘insurance,’’ or ‘‘securities’’ affiliates.
5. Omitting items that are not accurate or
applicable. For example, if a person does not
limit the duration of the opt-out period, the
notice may omit information about the
renewal notice.
6. Adding a statement informing
consumers how much time they have to opt
out before shared eligibility information may
be used to make solicitations to them.
7. Adding a statement that the consumer
may exercise the right to opt out at any time.
8. Adding the following statement, if
accurate: ‘‘If you previously opted out, you
do not need to do so again.’’
9. Providing a place on the form for the
consumer to fill in identifying information,
such as his or her name and address.
B–1 Model Form for Initial Opt-out notice
(Single-Affiliate Notice)
B–2 Model Form for Initial Opt-out notice
(Joint Notice)
PO 00000
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B–3
Model Form for Renewal Notice
(Single-Affiliate Notice)
B–4 Model Form for Renewal Notice (Joint
Notice)
B–5 Model Form for Voluntary ‘‘No
Marketing’’ Notice
B–1 Model Form for Initial Opt-Out Notice
(Single-Affiliate Notice)
[Your Choice To Limit Marketing]/
[Marketing Opt-Out]
• [Name of Affiliate] is providing this
notice.
• [Optional: Federal law gives you the
right to limit some but not all marketing from
our affiliates. Federal law also requires us to
give you this notice to tell you about your
choice to limit marketing from our affiliates.]
• You may limit our affiliates in the [ABC]
group of companies, such as our [credit card,
insurance, and securities] affiliates, from
marketing their products or services to you
based on your personal information that we
collect and share with them. This
information includes your [income], your
[account history with us], and your [credit
score].
• Your choice to limit marketing offers
from our affiliates will apply [until you tell
us to change your choice]/[for x years from
when you tell us your choice]/[for at least 5
E:\FR\FM\22MYR1.SGM
22MYR1
ER22MY19.035</GPH>
BILLING CODE 6750–01–C
23485
23486
Federal Register / Vol. 84, No. 99 / Wednesday, May 22, 2019 / Rules and Regulations
years from when you tell us your choice].
[Include if the opt-out period expires.] Once
that period expires, you will receive a
renewal notice that will allow you to
continue to limit marketing offers from our
affiliates for [another x years]/[at least
another 5 years].
• [Include, if applicable, in a subsequent
notice, including an annual notice, for
consumers who may have previously opted
out.] If you have already made a choice to
limit marketing offers from our affiliates, you
do not need to act again until you receive the
renewal notice.
To limit marketing offers, contact us
[include all that apply]:
• By telephone: 1–877-###-####
• On the web: www.—.com
• By mail: Check the box and complete the
form below, and send the form to:
[Company name]
[Company address]
llDo not allow your affiliates to use my
personal information to market to me.
B–2 Model Form for Initial Opt-Out Notice
(Joint Notice)
jbell on DSK3GLQ082PROD with RULES
[Your Choice To Limit Marketing]/
[Marketing Opt-Out]
• The [ABC group of companies] is
providing this notice.
• [Optional: Federal law gives you the
right to limit some but not all marketing from
the [ABC] companies. Federal law also
requires us to give you this notice to tell you
about your choice to limit marketing from the
[ABC] companies.]
• You may limit the [ABC companies],
such as the [ABC credit card, insurance, and
securities] affiliates, from marketing their
products or services to you based on your
personal information that they receive from
other [ABC] companies. This information
includes your [income], your [account
history], and your [credit score].
• Your choice to limit marketing offers
from the [ABC] companies will apply [until
you tell us to change your choice]/[for x years
from when you tell us your choice]/[for at
least 5 years from when you tell us your
choice]. [Include if the opt-out period
expires.] Once that period expires, you will
receive a renewal notice that will allow you
to continue to limit marketing offers from the
[ABC] companies for [another x years]/[at
least another 5 years].
• [Include, if applicable, in a subsequent
notice, including an annual notice, for
consumers who may have previously opted
out.] If you have already made a choice to
limit marketing offers from the [ABC]
companies, you do not need to act again until
you receive the renewal notice.
To limit marketing offers, contact us
[include all that apply]:
• By telephone: 1–877-###-####
• On the web: www.—.com
• By mail: Check the box and complete the
form below, and send the form to:
[Company name]
[Company address]
llDo not allow any company [in the ABC
group of companies] to use my personal
information to market to me.
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B–3 Model Form for Renewal Notice
(Single-Affiliate Notice)
[Renewing Your Choice To Limit Marketing]/
[Renewing Your Marketing Opt-Out]
• [Name of Affiliate] is providing this
notice.
• [Optional: Federal law gives you the
right to limit some but not all marketing from
our affiliates. Federal law also requires us to
give you this notice to tell you about your
choice to limit marketing from our affiliates.]
• You previously chose to limit our
affiliates in the [ABC] group of companies,
such as our [credit card, insurance, and
securities] affiliates, from marketing their
products or services to you based on your
personal information that we share with
them. This information includes your
[income], your [account history with us], and
your [credit score].
• Your choice has expired or is about to
expire.
To renew your choice to limit marketing for
[x] more years, contact us [include all that
apply]:
• By telephone: 1–877-###-####
• On the web: www.—.com
• By mail: Check the box and complete the
form below, and send the form to:
[Company name]
[Company address]
llRenew my choice to limit marketing
for [x] more years.
B–4 Model Form for Renewal Notice (Joint
Notice)
[Renewing Your Choice To Limit Marketing]/
[Renewing Your Marketing Opt-Out]
• The [ABC group of companies] is
providing this notice.
• [Optional: Federal law gives you the
right to limit some but not all marketing from
the [ABC] companies. Federal law also
requires us to give you this notice to tell you
about your choice to limit marketing from the
[ABC] companies.]
• You previously chose to limit the [ABC
companies], such as the [ABC credit card,
insurance, and securities] affiliates, from
marketing their products or services to you
based on your personal information that they
receive from other [ABC] companies. This
information includes your [income], your
[account history], and your [credit score].
• Your choice has expired or is about to
expire.
To renew your choice to limit marketing for
[x] more years, contact us [include all that
apply]:
• By telephone: 1–877-###-####
• On the web: www.—.com
• By mail: Check the box and complete the
form below, and send the form to:
[Company name]
[Company address]
llRenew my choice to limit marketing
for [x] more years.
B–5 Model Form for Voluntary ‘‘No
Marketing’’ Notice
Your Choice To Stop Marketing
• [Name of Affiliate] is providing this
notice.
• You may choose to stop all marketing
from us and our affiliates.
PO 00000
Frm 00048
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Sfmt 4700
• [Your choice to stop marketing from us
and our all affiliates will apply until you tell
us to change your choice.]
To stop all marketing offers, contact us
[include all that apply]:
• By telephone: 1–877-###-####
• On the web: www.—.com
• By mail: check the box and complete the
form below, and send the form to:
[Company name]
[Company address]
llDo not market to me.
By direction of the Commission.
April J. Tabor,
Acting Secretary.
[FR Doc. 2019–10110 Filed 5–21–19; 8:45 am]
BILLING CODE 6750–01–P
DEPARTMENT OF HOMELAND
SECURITY
Coast Guard
33 CFR Part 100
[Docket Number USCG–2019–0359]
RIN 1625–AA08
Special Local Regulation; Clinch River,
Oak Ridge, TN
Coast Guard, DHS.
Temporary final rule.
AGENCY:
ACTION:
The Coast Guard is
establishing a temporary special local
regulation on the Clinch River from mile
48.5 to mile 52.0 extending from bank
to bank to protect the participants of the
Dogwood Masters Classic Regatta,
vessels, and waterfront facilities from
destruction, loss, or injury from
sabotage or other subversive acts,
accidents, or other causes of a similar
nature during the regatta in Oak Ridge,
TN. Deviation from the special local
regulation is prohibited unless
specifically authorized by the Captain of
the Port (COTP) Sector Ohio Valley or
a designated representative.
DATES: This rule is effective from 5:00
a.m. on May 24, 2019 through 5:00 p.m.
May 25, 2019.
ADDRESSES: To view documents
mentioned in this preamble as being
available in the docket, go to https://
www.regulations.gov, type USCG–2019–
0359 in the ‘‘SEARCH’’ box and click
‘‘SEARCH.’’ Click on Open Docket
Folder on the line associated with this
rule.
FOR FURTHER INFORMATION CONTACT: If
you have questions on this rule, call or
email Petty Officer First Class Nicholas
Jones, Marine Safety Detachment
Nashville U.S. Coast Guard; telephone
615–736–5421, email Nicholas.J.Jones@
uscg.mil.
SUMMARY:
E:\FR\FM\22MYR1.SGM
22MYR1
]]>Agencies
[Federal Register Volume 84, Number 99 (Wednesday, May 22, 2019)]
[Rules and Regulations]
[Pages 23471-23486]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-10110]
=======================================================================
-----------------------------------------------------------------------
FEDERAL TRADE COMMISSION
16 CFR Parts 640, 680, and 698
Rescission of Model Forms and Disclosures
AGENCY: Federal Trade Commission.
ACTION: Final rule; rescission of regulations.
-----------------------------------------------------------------------
SUMMARY: The Federal Trade Commission (``FTC'' or ``Commission'') is
rescinding several Model Forms and Disclosures promulgated pursuant to
the Fair Credit Reporting Act (``FCRA'') that it has determined are no
longer necessary. The Dodd-Frank Wall Street Reform and Consumer
Protection Act transferred rulemaking authority associated with these
forms and disclosures to the Bureau of Consumer Financial Protection
(``Bureau'' or ``CFPB''). Given the CFPB's 2018 updates to its model
forms and disclosures, the Commission has determined that rescinding
several of its model forms and disclosures would reduce confusion. The
Commission is also making conforming amendments to address references
to the updated model forms and disclosures in related rules.
DATES: This action is effective May 22, 2019.
FOR FURTHER INFORMATION CONTACT: David Lincicum, Bureau of Consumer
Protection, Federal Trade Commission, 600 Pennsylvania Avenue NW,
Washington, DC 20580, (202) 326-2773, [email protected], or Kenny
Wright, Office of the General Counsel, Federal Trade Commission, 600
Pennsylvania Avenue NW, Washington, DC 20580, (202) 326-2907,
[email protected].
SUPPLEMENTARY INFORMATION:
I. Background
Section 1061 of the Dodd-Frank Wall Street Reform and Consumer
Protection Act (``Dodd-Frank Act'') \1\ transferred
[[Page 23472]]
rulemaking authority for certain enumerated consumer financial laws to
the Bureau, including portions of the Fair Credit Reporting Act
(``FCRA''),\2\ although the FTC retained general rulemaking authority
under Sections 615(e) (``Red Flag Guidelines and Regulations
Required'') and 628 (``Disposal of Records'') of the FCRA. See 15
U.S.C. 1681s(e); Public Law 111-203, sec. 1088(a)(10)(E). Following
these amendments, the Commission retains rulemaking authority for its
``Identity Theft Rules,'' 16 CFR part 681, and its rules governing
``Disposal of Consumer Report Information and Records,'' 16 CFR part
682, for all entities subject to those rules. See 15 U.S.C. 1681m,
1681w.
---------------------------------------------------------------------------
\1\ Public Law 111-203, 124 Stat. 1376 (2010).
\2\ 15 U.S.C. 1681 et seq. Section 1088 of the Dodd-Frank Act
made conforming amendments to the FCRA.
---------------------------------------------------------------------------
The Commission also retains rulemaking authority under the FCRA
over any motor vehicle dealer described in Section 1029(a) of the Dodd-
Frank Act that is predominantly engaged in the sale and servicing of
motor vehicles, the leasing and servicing of motor vehicles, or both.
See Dodd-Frank Act, sec. 1029(a), (c).
After the issuance of the Dodd-Frank Act, the Commission rescinded
several rules following their republication by the CFPB. See 77 FR
22200 (2012). The Commission rescinded five rules issued under the
FCRA, as amended by the FACT Act, that were republished by the CFPB:
(1) [Identity Theft] Definitions, 16 CFR part 603 (republished by the
CFPB at 12 CFR 1022.3); (2) Free Annual File Disclosures Rule, 16 CFR
part 610 (republished by the CFPB at 12 CFR 1022.130); (3) Prohibition
Against Circumventing Treatment as a Nationwide Consumer Reporting
Agency, 16 CFR part 611 (republished by the CFPB at 12 CFR 1022.140);
(4) Duration of Active Duty Alerts, 16 CFR part 613 (republished by the
CFPB at 12 CFR 1022.121); and (5) Appropriate Proof of Identity, 16 CFR
part 614 (republished by the CFPB at 12 CFR 1022.123).
The FTC also retained seven rules issued under the FCRA, as
amended, that continue to apply to motor vehicle dealers, including the
FCRA Model Forms and Disclosures in 16 CFR part 698.\3\
---------------------------------------------------------------------------
\3\ The other six retained rules that pertain to motor vehicle
dealers consisted of: (1) Privacy of Consumer Financial Information
Privacy Rule, 16 CFR part 313; (2) Duties of Creditors Regarding
Risk-Based Pricing, 16 CFR part 640; (3) Duties of Users of Consumer
Reports Regarding Address Discrepancies, 16 CFR part 641; (4)
Prescreen Opt-Out Notice, 16 CFR part 642; (5) Duties of Furnishers
of Information to Consumer Reporting Agencies, 16 CFR part 660; and
(6) Affiliate Marketing, 16 CFR part 680.
---------------------------------------------------------------------------
The CFPB recently issued further revisions to its own model forms
and disclosures associated with the FCRA on September 18, 2018 through
an interim final rulemaking. See 83 FR 47027 (2018).
The Commission is now adopting further revisions to its own Model
Forms and Disclosures to rescind forms that are no longer necessary.
Accordingly, the Commission is rescinding the following appendices in
16 CFR part 698:
Appendix A--Model Prescreen Opt-Out Notices;
Appendix D--Standardized Form for Requesting Annual File
Disclosures;
Appendix E--Summary of Identity Theft Rights;
Appendix F--General Summary of Consumer Rights;
Appendix G--Notice of Furnisher Responsibilities; and
Appendix H--Notice of User Responsibilities.
In addition, the Commission is redesignating Appendix B--Model
Forms for Risk-Based Pricing and Credit Score Disclosure Exception
Notices as appendix A, and Appendix C--Model Forms for Affiliate
Marketing Opt-Out Notices as appendix B.
Following these rescissions, covered entities should look to the
corresponding forms issued by the CFPB to obtain the appropriate model
forms and disclosures. The following is a chart that provides cross-
references to the appropriate forms:
------------------------------------------------------------------------
Corresponding CFPB Form in
Rescinded FTC Form (16 CFR part 698) Regulation V (12 CFR part 1022)
------------------------------------------------------------------------
Appendix A: Model Prescreen Opt Notices Appendix D to Part 1022--Model
Forms for Firm Offers of
Credit or Insurance.
Appendix D: Standardized Form for Appendix L to Part 1022--
Requesting Annual File Disclosures. Standardized Form for
Requesting Annual File
Disclosures.
Appendix E: Summary of Identity Theft Appendix I to Part 1022--
Rights. Summary of Consumer Identity
Theft Rights.
Appendix F: General Summary of Consumer Appendix K to Part 1022--
Rights. Summary of Consumer Rights.
Appendix G: Notice of Furnisher Appendix M to Part 1022--Notice
Responsibilities. of Furnisher Responsibilities.
Appendix H: Notice of User Appendix N to Part 1022--Notice
Responsibilities. of User Responsibilities.
------------------------------------------------------------------------
The Commission is also making conforming amendments to update
references in several Commission rules to the currently applicable
forms issued under the FCRA. These amendments address references to the
model forms and disclosures in the Risk-Based Pricing Rule, 16 CFR part
640, and the Affiliate Marketing Rule, 16 CFR part 680.
II. Procedural Requirements
Under the Administrative Procedure Act, an agency may promulgate or
rescind a rule without prior notice and an opportunity for public
comment if the agency finds for good cause that notice and comment are
unnecessary.\4\ The Commission has determined that public comment on
the rescission of these rules is unnecessary because the rulemaking
authority for rules associated with these model forms and disclosures
has transferred to the CFPB pursuant to the Dodd-Frank Act. The
rescission of these FTC model forms will help avoid confusion as to
which model forms and disclosures covered entities should look to in
order to fulfill their disclosure obligations under the FCRA. Thus,
there is no reason for public comment on this regulatory action.
---------------------------------------------------------------------------
\4\ 5 U.S.C. 553(b)(B).
---------------------------------------------------------------------------
In addition, the Commission has determined that these rescissions
may take effect immediately upon publication of this notice in the
Federal Register, as permitted by the Administrative Procedure Act.\5\
The removal of the regulations is exempt from the usual 30-day notice
requirement as it merely ``relieves a restriction'' from FTC
requirements. The 30-day notice requirement does not apply under these
circumstances, in which the underlying rulemaking authority for rules
associated with these model forms and disclosures has transferred to
the CFPB. Therefore,
[[Page 23473]]
affected persons do not need time to prepare for or take any action
with regard to the rescission.
---------------------------------------------------------------------------
\5\ 5 U.S.C. 553(d)(1).
---------------------------------------------------------------------------
III. Paperwork Reduction Act
The FTC is rescinding several model forms and disclosures contained
in 16 CFR part 698 that it has determined are no longer necessary. The
removal of these forms will not impact paperwork burden estimates
relating to the Commission's rules issued under the FCRA. Neither the
Model Forms and Disclosures in 16 CFR part 698 that are being rescinded
nor the remaining Model Forms and Disclosures fall within the
definition of a ``collection of information'' covered by the Paperwork
Reduction Act (``PRA''), 44 U.S.C. 3501-3521, because they constitute
``[t]he public disclosure of information originally supplied by the
Federal government to the recipient for the purpose of disclosure to
the public * * *.'' 5 CFR 1320.3(c)(2).\6\ Accordingly, these model
forms and disclosures do not constitute a ``collection of information''
as defined in the regulations implementing the PRA, nor do the
financial resources expended in relation to the distribution of these
documents constitute a PRA burden.
---------------------------------------------------------------------------
\6\ See 62 FR 35586, 35589 (1997); 69 FR 69776, 69784 (2004).
---------------------------------------------------------------------------
IV. Regulatory Flexibility Act
Because the Commission has determined that it may remove these
model forms and disclosures without public comment, the Commission is
also not required to publish an initial or final regulatory flexibility
analysis under the Regulatory Flexibility Act as part of such
action.\7\
---------------------------------------------------------------------------
\7\ See 5 U.S.C. 603(a), 604(b).
---------------------------------------------------------------------------
List of Subjects in 16 CFR Parts 640, 680, and 698
Consumer reporting agencies, Consumer reports, Credit, Fair Credit
Reporting Act, Trade practices.
Accordingly, for the reasons set forth above, the Commission amends
title 16, Code of Federal Regulations, as follows:
PART 640--DUTIES OF CREDITORS REGARDING RISK-BASED PRICING
0
1. The authority citation for part 640 is revised to read as follows:
Authority: 12 U.S.C. 5519; 15 U.S.C. 1681m(h).
Sec. 640.4 [Amended]
0
2. In Sec. 640.4(b)(2), for each reference indicated in the left
column, remove the reference indicated from wherever it appears in the
section, and add in its place the reference indicated in the right
column:
------------------------------------------------------------------------
Remove Add
------------------------------------------------------------------------
B-1....................................... A-1.
B-2....................................... A-2.
B-6....................................... A-6.
B-7....................................... A-7.
------------------------------------------------------------------------
Sec. 640.5 [Amended]
0
3. In Sec. 640.5, for each reference indicated in the left column,
remove the reference indicated from wherever it appears in the section,
and add in its place the reference indicated in the right column:
------------------------------------------------------------------------
Remove Add
------------------------------------------------------------------------
16 CFR part B............................. 16 CFR part 698.
16 CFR Part 698, Appendix B............... 16 CFR part 698, appendix A.
appendix B................................ appendix A.
B-3....................................... A-3.
B-4....................................... A-4.
B-5....................................... A-5.
------------------------------------------------------------------------
PART 680--AFFILIATE MARKETING
0
4. The authority citation for part 680 is revised to read as follows:
Authority: 12 U.S.C. 5519; 15 U.S.C. 1681s-3; 15 U.S.C. 1681s-3
note.
Sec. 680.23 [Amended]
0
5. In Sec. 680.23(a)(4), remove the words ``Appendix C of Part 698 of
this chapter'' and add in their place the words ``appendix B of part
698 of this chapter''.
PART 698--MODEL FORMS AND DISCLOSURES
0
6. The authority citation for part 698 is revised to read as follows:
Authority: 12 U.S.C. 5519; 15 U.S.C. 1681m(h); 15 U.S.C. 1681s-
3; 15 U.S.C. 1681s-3 note.
0
7. Revise Sec. 698.1 to read as follows:
Sec. 698.1 Authority and purpose.
(a) Authority. This part is issued by the Commission pursuant to
the provisions of the Fair Credit Reporting Act (15 U.S.C. 1681 et
seq.), as amended by the Consumer Credit Reporting Reform Act of 1996
(Title II, Subtitle D, Chapter 1, of the Omnibus Consolidated
Appropriations Act for Fiscal Year 1997), Public Law 104-208, 110 Stat.
3009-426 (Sept. 30, 1996), the Fair and Accurate Credit Transactions
Act of 2003, Public Law 108-159, 117 Stat. 1952 (Dec. 4, 2003), and the
Dodd-Frank Wall Street Reform and Consumer Protection Act, Public Law
111-203, 124 Stat. 1376-2223 (July 21, 2010).
(b) Purpose. The purpose of this part is to comply with sections
615(h) and 624 of the Fair Credit Reporting Act, as amended by the Fair
and Accurate Credit Transactions Act of 2003, and section 214(b) of the
Fair and Accurate Credit Transactions Act of 2003.
0
8. Revise Sec. 698.2 to read as follows:
Sec. 698.2 Legal effect.
The model forms and disclosures prescribed by the FTC in this part
do not constitute a trade regulation rule. The issuance of the model
forms and disclosures set forth in appendices A and B of this part
carry out the directive in the statute that the FTC prescribe these
forms and disclosures. Use or distribution of the model forms and
disclosures in this part will constitute compliance with any section or
subsection of the FCRA requiring that such forms and disclosures be
used by any motor vehicle dealer subject to the FTC's rulemaking
authority.
Appendices A Through H [Removed]
0
9. Remove appendices A through H.
0
10. Add a new appendix A to read as follows:
Appendix A to Part 698--Model Forms for Risk-Based Pricing and Credit
Score Disclosure Exception Notices
1. This appendix contains four model forms for risk-based
pricing notices and three model forms for use in connection with the
credit score disclosure exceptions. Each of the model forms is
designated for use in a particular set of circumstances as indicated
by the title of that model form.
2. Model form A-1 is for use in complying with the general risk-
based pricing notice requirements in Sec. 640.3 if a credit score
is not used in setting the material terms of credit. Model form A-2
is for risk-based pricing notices given in connection with account
review if a credit score is not used in increasing the annual
percentage rate. Model form A-3 is for use in connection with the
credit score disclosure exception for loans secured by residential
real property. Model form A-4 is for use in connection with the
credit score disclosure exception for loans that are not secured by
residential real property. Model form A-5 is for use in connection
with the credit score disclosure exception when no credit score is
available for a consumer. Model form A-6 is for use in complying
with the general risk-based pricing notice requirements in Sec.
640.3 if a credit score is used in setting the material terms of
credit. Model form A-7 is for risk-based pricing notices given in
connection with account review if a credit score is used in
increasing the annual percentage rate. All forms contained in this
appendix are models; their use is optional.
3. A person may change the forms by rearranging the format or by
making technical modifications to the language of the forms, in each
case without modifying the substance of
[[Page 23474]]
the disclosures. Any such rearrangement or modification of the
language of the model forms may not be so extensive as to materially
affect the substance, clarity, comprehensibility, or meaningful
sequence of the forms. Persons making revisions with that effect
will lose the benefit of the safe harbor for appropriate use of the
model forms in this appendix. A person is not required to conduct
consumer testing when rearranging the format of the model forms.
a. Acceptable changes include, for example:
i. Corrections or updates to telephone numbers, mailing
addresses, or website addresses that may change over time.
ii. The addition of graphics or icons, such as the person's
corporate logo.
iii. Alteration of the shading or color contained in the model
forms.
iv. Use of a different form of graphical presentation to depict
the distribution of credit scores.
v. Substitution of the words ``credit'' and ``creditor'' or
``finance'' and ``finance company'' for the terms ``loan'' and
``lender.''
vi. Including pre-printed lists of the sources of consumer
reports or consumer reporting agencies in a ``check-the-box''
format.
vii. Including the name of the consumer, transaction
identification numbers, a date, and other information that will
assist in identifying the transaction to which the form pertains.
viii. Including the name of an agent, such as an auto dealer or
other party, when providing the ``Name of the Entity Providing the
Notice.''
b. Unacceptable changes include, for example:
i. Providing model forms on register receipts or interspersed
with other disclosures.
ii. Eliminating empty lines and extra spaces between sentences
within the same section.
4. Optional language in model forms A-6 and A-7 may be used to
direct the consumer to the entity (which may be a consumer reporting
agency or the creditor itself, for a proprietary score that meets
the definition of a credit score) that provided the credit score for
any questions about the credit score, along with the entity's
contact information. Creditors may use or not use the additional
language without losing the safe harbor, since the language is
optional.
A-1 Model form for risk-based pricing notice.
A-2 Model form for account review risk-based pricing notice.
A-3 Model form for credit score disclosure exception for loans
secured by one to four units of residential real property.
A-4 Model form for credit score disclosure exception for loans
not secured by residential real property.
A-5 Model form for credit score disclosure exception for loans
where credit score is not available.
A-6 Model form for risk-based pricing notice with credit score
information.
A-7 Model form for account review risk-based pricing notice with
credit score information.
BILLING CODE 6750-01-P
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Notice to the Home Loan Applicant
In connection with your application for a home loan, the lender
must disclose to you the score that a consumer reporting agency
distributed to users and the lender used in connection with your
home loan, and the key factors affecting your credit scores.
The credit score is a computer generated summary calculated at
the time of the request and based on information that a consumer
reporting agency or lender has on file. The scores are based on data
about your credit history and payment patterns. Credit scores are
important because they are used to assist the lender in determining
whether you will obtain a loan. They may also be used to determine
what interest rate you may be offered on the mortgage. Credit scores
can change over time, depending on your conduct, how your credit
history and payment patterns change, and how credit scoring
technologies change.
Because the score is based on information in your credit
history, it is very important that you review the credit-related
information that is being furnished to make sure it is accurate.
Credit records may vary from one company to another.
If you have questions about your credit score or the credit
information that is furnished to you, contact the consumer reporting
agency at the address and telephone number provided with this
notice, or contact the lender, if the lender developed or generated
the credit score. The consumer reporting agency plays no part in the
decision to take any action on the loan application and is unable to
provide you with specific reasons for the decision on a loan
application.
If you have questions concerning the terms of the loan, contact
the lender.
[[Page 23479]]
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[GRAPHIC] [TIFF OMITTED] TR22MY19.030
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[GRAPHIC] [TIFF OMITTED] TR22MY19.034
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[GRAPHIC] [TIFF OMITTED] TR22MY19.035
BILLING CODE 6750-01-C
0
11. Add a new appendix B to read as follows:
Appendix B to Part 698--Model Forms for Affiliate Marketing Opt-Out
Notices
A. Although use of the model forms is not required, use of the
model forms in this Appendix (as applicable) complies with the
requirement in section 624 of the Act for clear, conspicuous, and
concise notices.
B. Certain changes may be made to the language or format of the
model forms without losing the protection from liability afforded by
use of the model forms. These changes may not be so extensive as to
affect the substance, clarity, or meaningful sequence of the
language in the model forms. Persons making such extensive revisions
will lose the safe harbor that this Appendix provides. Acceptable
changes include, for example:
1. Rearranging the order of the references to ``your income,''
``your account history,'' and ``your credit score.''
2. Substituting other types of information for ``income,''
``account history,'' or ``credit score'' for accuracy, such as
``payment history,'' ``credit history,'' ``payoff status,'' or
``claims history.''
3. Substituting a clearer and more accurate description of the
affiliates providing or covered by the notice for phrases such as
``the [ABC] group of companies,'' including without limitation a
statement that the entity providing the notice recently purchased
the consumer's account.
4. Substituting other types of affiliates covered by the notice
for ``credit card,'' ``insurance,'' or ``securities'' affiliates.
5. Omitting items that are not accurate or applicable. For
example, if a person does not limit the duration of the opt-out
period, the notice may omit information about the renewal notice.
6. Adding a statement informing consumers how much time they
have to opt out before shared eligibility information may be used to
make solicitations to them.
7. Adding a statement that the consumer may exercise the right
to opt out at any time.
8. Adding the following statement, if accurate: ``If you
previously opted out, you do not need to do so again.''
9. Providing a place on the form for the consumer to fill in
identifying information, such as his or her name and address.
B-1 Model Form for Initial Opt-out notice (Single-Affiliate Notice)
B-2 Model Form for Initial Opt-out notice (Joint Notice)
B-3 Model Form for Renewal Notice (Single-Affiliate Notice)
B-4 Model Form for Renewal Notice (Joint Notice)
B-5 Model Form for Voluntary ``No Marketing'' Notice
B-1 Model Form for Initial Opt-Out Notice (Single-Affiliate Notice)
[Your Choice To Limit Marketing]/[Marketing Opt-Out]
[Name of Affiliate] is providing this notice.
[Optional: Federal law gives you the right to limit
some but not all marketing from our affiliates. Federal law also
requires us to give you this notice to tell you about your choice to
limit marketing from our affiliates.]
You may limit our affiliates in the [ABC] group of
companies, such as our [credit card, insurance, and securities]
affiliates, from marketing their products or services to you based
on your personal information that we collect and share with them.
This information includes your [income], your [account history with
us], and your [credit score].
Your choice to limit marketing offers from our
affiliates will apply [until you tell us to change your choice]/[for
x years from when you tell us your choice]/[for at least 5
[[Page 23486]]
years from when you tell us your choice]. [Include if the opt-out
period expires.] Once that period expires, you will receive a
renewal notice that will allow you to continue to limit marketing
offers from our affiliates for [another x years]/[at least another 5
years].
[Include, if applicable, in a subsequent notice,
including an annual notice, for consumers who may have previously
opted out.] If you have already made a choice to limit marketing
offers from our affiliates, you do not need to act again until you
receive the renewal notice.
To limit marketing offers, contact us [include all that apply]:
By telephone: 1-877-###-####
On the web: www._.com
By mail: Check the box and complete the form below, and
send the form to:
[Company name]
[Company address]
__Do not allow your affiliates to use my personal information to
market to me.
B-2 Model Form for Initial Opt-Out Notice (Joint Notice)
[Your Choice To Limit Marketing]/[Marketing Opt-Out]
The [ABC group of companies] is providing this notice.
[Optional: Federal law gives you the right to limit
some but not all marketing from the [ABC] companies. Federal law
also requires us to give you this notice to tell you about your
choice to limit marketing from the [ABC] companies.]
You may limit the [ABC companies], such as the [ABC
credit card, insurance, and securities] affiliates, from marketing
their products or services to you based on your personal information
that they receive from other [ABC] companies. This information
includes your [income], your [account history], and your [credit
score].
Your choice to limit marketing offers from the [ABC]
companies will apply [until you tell us to change your choice]/[for
x years from when you tell us your choice]/[for at least 5 years
from when you tell us your choice]. [Include if the opt-out period
expires.] Once that period expires, you will receive a renewal
notice that will allow you to continue to limit marketing offers
from the [ABC] companies for [another x years]/[at least another 5
years].
[Include, if applicable, in a subsequent notice,
including an annual notice, for consumers who may have previously
opted out.] If you have already made a choice to limit marketing
offers from the [ABC] companies, you do not need to act again until
you receive the renewal notice.
To limit marketing offers, contact us [include all that apply]:
By telephone: 1-877-###-####
On the web: www._.com
By mail: Check the box and complete the form below, and
send the form to:
[Company name]
[Company address]
__Do not allow any company [in the ABC group of companies] to
use my personal information to market to me.
B-3 Model Form for Renewal Notice (Single-Affiliate Notice)
[Renewing Your Choice To Limit Marketing]/[Renewing Your Marketing Opt-
Out]
[Name of Affiliate] is providing this notice.
[Optional: Federal law gives you the right to limit
some but not all marketing from our affiliates. Federal law also
requires us to give you this notice to tell you about your choice to
limit marketing from our affiliates.]
You previously chose to limit our affiliates in the
[ABC] group of companies, such as our [credit card, insurance, and
securities] affiliates, from marketing their products or services to
you based on your personal information that we share with them. This
information includes your [income], your [account history with us],
and your [credit score].
Your choice has expired or is about to expire.
To renew your choice to limit marketing for [x] more years,
contact us [include all that apply]:
By telephone: 1-877-###-####
On the web: www._.com
By mail: Check the box and complete the form below, and
send the form to:
[Company name]
[Company address]
__Renew my choice to limit marketing for [x] more years.
B-4 Model Form for Renewal Notice (Joint Notice)
[Renewing Your Choice To Limit Marketing]/[Renewing Your Marketing Opt-
Out]
The [ABC group of companies] is providing this notice.
[Optional: Federal law gives you the right to limit
some but not all marketing from the [ABC] companies. Federal law
also requires us to give you this notice to tell you about your
choice to limit marketing from the [ABC] companies.]
You previously chose to limit the [ABC companies], such
as the [ABC credit card, insurance, and securities] affiliates, from
marketing their products or services to you based on your personal
information that they receive from other [ABC] companies. This
information includes your [income], your [account history], and your
[credit score].
Your choice has expired or is about to expire.
To renew your choice to limit marketing for [x] more years,
contact us [include all that apply]:
By telephone: 1-877-###-####
On the web: www._.com
By mail: Check the box and complete the form below, and
send the form to:
[Company name]
[Company address]
__Renew my choice to limit marketing for [x] more years.
B-5 Model Form for Voluntary ``No Marketing'' Notice
Your Choice To Stop Marketing
[Name of Affiliate] is providing this notice.
You may choose to stop all marketing from us and our
affiliates.
[Your choice to stop marketing from us and our all
affiliates will apply until you tell us to change your choice.]
To stop all marketing offers, contact us [include all that
apply]:
By telephone: 1-877-###-####
On the web: www._.com
By mail: check the box and complete the form below, and
send the form to:
[Company name]
[Company address]
__Do not market to me.
By direction of the Commission.
April J. Tabor,
Acting Secretary.
[FR Doc. 2019-10110 Filed 5-21-19; 8:45 am]
BILLING CODE 6750-01-P
