Energy Conservation Program: Test Procedure for Electric Motors, 64689 [C1-2022-21891]
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64689
Rules and Regulations
Federal Register
Vol. 87, No. 206
Wednesday, October 26, 2022
This section of the FEDERAL REGISTER
contains regulatory documents having general
applicability and legal effect, most of which
are keyed to and codified in the Code of
Federal Regulations, which is published under
50 titles pursuant to 44 U.S.C. 1510.
The Code of Federal Regulations is sold by
the Superintendent of Documents.
DEPARTMENT OF ENERGY
10 CFR Parts 429 and 431
[EERE–2020–BT–TP–0011]
Energy Conservation Program: Test
Procedure for Electric Motors
Correction
In rule document 2022–21891,
appearing on pages 63588 through
63660 in the issue of Wednesday,
October 19, 2022, make the following
correction:
[Corrected]
In § 431.12, on page 63655, in the
second column, remove the first
definition of IEC Design HY by
removing lines eleven through twentyfive.
■
[FR Doc. C1–2022–21891 Filed 10–25–22; 8:45 am]
BILLING CODE 0099–10–D
BUREAU OF CONSUMER FINANCIAL
PROTECTION
12 CFR Part 1022
Fair Credit Reporting; Facially False
Data
Bureau of Consumer Financial
Protection.
ACTION: Advisory opinion.
AGENCY:
The Consumer Financial
Protection Bureau (Bureau) is issuing
this advisory opinion to highlight that a
consumer reporting agency that does not
implement reasonable internal controls
to prevent the inclusion of facially false
data, including logically inconsistent
information, in consumer reports it
prepares is not using reasonable
procedures to assure maximum possible
accuracy under section 607(b) of the
Fair Credit Reporting Act (FCRA).
DATES: This advisory opinion is
effective on October 26, 2022.
lotter on DSK11XQN23PROD with RULES1
SUMMARY:
VerDate Sep<11>2014
16:06 Oct 25, 2022
Ilana Waxman, Senior Counsel, Tyler
Sines or Jason Grimes, Counsels, Office
of Supervision Policy at (202) 435–7700
or https://reginquiries.consumerfinance.
gov/. If you require this document in an
alternative electronic format, please
contact CFPB_Accessibility@cfpb.gov.
SUPPLEMENTARY INFORMATION: The
Bureau is issuing this advisory opinion
through the procedures for its Advisory
Opinions Policy.1 Refer to those
procedures for more information.
I. Advisory Opinion
RIN 1904–AE62
§ 431.12
FOR FURTHER INFORMATION CONTACT:
Jkt 259001
A. Background
Accuracy in consumer reports is of
vital importance to the consumer
reporting system, particularly as
consumer reports play an increasingly
central role in the lives of American
consumers. Consumer reporting
agencies collect and assemble credit,
public record, and other consumer
information into consumer reports.2
Creditors, insurers, landlords,
employers, and others use the
information in these reports to make
eligibility determinations and other
decisions that can have a significant
impact on consumers. For example,
creditors use information in consumer
reports to determine whether, and on
what terms, to extend credit to a
particular consumer, while landlords
and employers use background
screening reports in deciding whether to
rent to prospective tenants and hire
employees, respectively.
Inaccurate, derogatory information in
consumer reports can have significant
adverse impacts on consumers. For
example, inaccurate, derogatory
information in consumer reports can
lead to higher interest rates, ineligibility
for promotional offers, or otherwise less
favorable credit terms for affected
consumers. This in turn may cost
consumers hundreds or thousands of
dollars in additional interest. Even
worse, inaccurate, derogatory
information in consumer reports could
lead lenders to deny a consumer credit
entirely, making it difficult or
impossible for that consumer to obtain
a mortgage, auto loan, student loan, or
other credit. Any of these consequences
can be devastating for a consumer’s
1 85
FR 77987 (Dec. 3, 2020).
15 U.S.C. 1681a(d) (defining ‘‘consumer
report’’).
2 See
PO 00000
Frm 00001
Fmt 4700
Sfmt 4700
financial well-being and life. Inaccurate,
derogatory information in consumer
reports can also harm the businesses
that use such reports by leading them to
make unsupported decisions.
Consumer report accuracy depends on
the various parties to the consumer
reporting system, including: the three
nationwide consumer reporting agencies
(Equifax, Experian, and TransUnion);
other consumer reporting agencies, such
as background screening companies;
entities such as creditors who furnish
information to consumer reporting
agencies (i.e., furnishers); and public
record repositories. While any of these
parties may introduce inaccurate
information into the consumer reporting
process, a consumer reporting agency is
uniquely positioned to identify certain
obvious inaccuracies and implement
policies, procedures, and systems to
keep them off of consumer reports. In
some cases, such as when certain
account or other information fields on
consumer reports are logically
inconsistent with other fields of
information, a consumer reporting
agency can detect the logical
inconsistencies and prevent the
inaccurate information from being
included in consumer reports it
generates, thereby avoiding the
consumer harm to individual consumers
that can result from reporting such
inaccurate information.
Inaccuracy in consumer reports is a
long-standing issue that remains a
problem today. Pursuant to its
obligations under the Fair and Accurate
Credit Transactions (FACT) Act 3 to
conduct a study of consumer report
accuracy and completeness, the Federal
Trade Commission in 2012 published a
report finding, among other things, that
one in five consumers who participated
in the study had an error on at least one
of their three nationwide credit reports.4
Another more recent study, published
in 2021, found that over 34% of
consumers surveyed were able to
3 Fair and Accurate Credit Transactions Act of
2003, Public Law 108–159, sec. 319, 117 Stat. 1952
(2003).
4 See Fed. Trade Comm’n, Report to Congress
Under Section 319 of the Fair and Accurate Credit
Transactions Act of 2003, at 64 (Dec. 2012), https://
www.ftc.gov/sites/default/files/documents/reports/
section-319-fair-and-accurate-credit-transactionsact-2003-fifth-interim-federal-trade-commission/
130211factareport.pdf.
E:\FR\FM\26OCR1.SGM
26OCR1
]]>Agencies
[Federal Register Volume 87, Number 206 (Wednesday, October 26, 2022)]
[Rules and Regulations]
[Page 64689]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: C1-2022-21891]
========================================================================
Rules and Regulations
Federal Register
________________________________________________________________________
This section of the FEDERAL REGISTER contains regulatory documents
having general applicability and legal effect, most of which are keyed
to and codified in the Code of Federal Regulations, which is published
under 50 titles pursuant to 44 U.S.C. 1510.
The Code of Federal Regulations is sold by the Superintendent of Documents.
========================================================================
Federal Register / Vol. 87, No. 206 / Wednesday, October 26, 2022 /
Rules and Regulations
[[Page 64689]]
DEPARTMENT OF ENERGY
10 CFR Parts 429 and 431
[EERE-2020-BT-TP-0011]
RIN 1904-AE62
Energy Conservation Program: Test Procedure for Electric Motors
Correction
In rule document 2022-21891, appearing on pages 63588 through 63660
in the issue of Wednesday, October 19, 2022, make the following
correction:
Sec. 431.12 [Corrected]
0
In Sec. 431.12, on page 63655, in the second column, remove the first
definition of IEC Design HY by removing lines eleven through twenty-
five.
[FR Doc. C1-2022-21891 Filed 10-25-22; 8:45 am]
BILLING CODE 0099-10-D
