National Credit Union Administration June 2005 – Federal Register Recent Federal Regulation Documents

Notice of Meeting
Document Number: 05-12768
Type: Notice
Date: 2005-06-27
Agency: National Credit Union Administration, Agencies and Commissions
Fair Credit Reporting Medical Information Regulations
Document Number: 05-11356
Type: Rule
Date: 2005-06-10
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions, Federal Reserve System, National Credit Union Administration, Office of the Comptroller of the Currency, Department of Treasury, Department of the Treasury, Office of Thrift Supervision, Comptroller of the Currency
The OCC, Board, FDIC, OTS, and NCUA (Agencies) are publishing interim final rules to implement section 411 of the Fair and Accurate Credit Transactions Act of 2003 (FACT Act). The interim final rules create exceptions to the statute's general prohibition on creditors obtaining or using medical information pertaining to a consumer in connection with any determination of the consumer's eligibility, or continued eligibility, for credit for all creditors. The exceptions permit creditors to obtain or use medical information in connection with credit eligibility determinations where necessary and appropriate for legitimate purposes, consistent with the Congressional intent to restrict the use of medical information for inappropriate purposes. The interim final rules also create limited exceptions to permit affiliates to share medical information with each other without becoming consumer reporting agencies.