12 C.F.R. Subpart I—Duties of Users of Consumer Reports Regarding Identity Theft
Title 12 - Banks and Banking
Source: 69 FR 77618, Dec. 28, 2004, unless otherwise noted.
Title 12: Banks and Banking
PART 222—FAIR CREDIT REPORTING (REGULATION V)
Subpart I—Duties of Users of Consumer Reports Regarding Identity Theft
§ 222.80-82 [Reserved]
§ 222.83 Disposal of consumer information.
(a) Definitions as used in this section. (1) You means member banks of the Federal Reserve System (other than national banks) and their respective operating subsidiaries, branches and agencies of foreign banks (other than Federal branches, Federal agencies and insured State branches of foreign banks), commercial lending companies owned or controlled by foreign banks, and organizations operating under section 25 or 25A of the Federal Reserve Act (12 U.S.C. 601 et seq., 611 et seq.).
(b) In general. You must properly dispose of any consumer information that you maintain or otherwise possess in accordance with the Interagency Guidelines Establishing Information Security Standards, as required under sections 208.3(d) (Regulation H), 211.5(l) and 211.24(i) (Regulation K) of this chapter, to the extent that you are covered by the scope of the Guidelines.
(c) Rule of construction. Nothing in this section shall be construed to:
(1) Require you to maintain or destroy any record pertaining to a consumer that is not imposed under any other law; or
(2) Alter or affect any requirement imposed under any other provision of law to maintain or destroy such a record.
Appendix A to Part 222 [Reserved]
Appendix B to Part 222—Model Notices of Furnishing Negative Information
a. Although use of the model notices is not required, a financial institution that is subject to section 623(a)(7) of the FCRA shall be deemed to be in compliance with the notice requirement in section 623(a)(7) of the FCRA if the institution properly uses the model notices in this appendix (as applicable).
b. A financial institution may use Model Notice B–1 if the institution provides the notice prior to furnishing negative information to a nationwide consumer reporting agency.
c. A financial institution may use Model Notice B–2 if the institution provides the notice after furnishing negative information to a nationwide consumer reporting agency.
d. Financial institutions may make certain changes to the language or format of the model notices without losing the safe harbor from liability provided by the model notices. The changes to the model notices may not be so extensive as to affect the substance, clarity, or meaningful sequence of the language in the model notices. Financial institutions making such extensive revisions will lose the safe harbor from liability that this appendix provides. Acceptable changes include, for example,
1. Rearranging the order of the references to “late payment(s),” or “missed payment(s)”
2. Pluralizing the terms “credit bureau,” “credit report,” and “account”
3. Specifying the particular type of account on which information may be furnished, such as “credit card account”
4. Rearranging in Model Notice B–1 the phrases “information about your account” and “to credit bureaus” such that it would read “We may report to credit bureaus information about your account.”
Model Notice B–1
We may report information about your account to credit bureaus. Late payments, missed payments, or other defaults on your account may be reflected in your credit report.
Model Notice B–2
We have told a credit bureau about a late payment, missed payment or other default on your account. This information may be reflected in your credit report.
[69 FR 33285, June 15, 2004]
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