Fed Issues Final Credit Score Disclosure Requirement Rule Under Dodd Frank Act – NMP Skip to main content

Fed Issues Final Credit Score Disclosure Requirement Rule Under Dodd Frank Act

NationalMortgageProfessional.com
Jul 06, 2011

The Federal Reserve Board (FRB) and the Federal Trade Commission (FTC) have issued final rules (see here and here) to implement the credit score disclosure requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act. If a credit score is used in setting material terms of credit or in taking adverse action, the statute requires creditors to disclose credit scores and related information to consumers in notices under the Fair Credit Reporting Act (FCRA). The final rules amend Regulation V (Fair Credit Reporting) to revise the content requirements for risk-based pricing notices, and to add related model forms that reflect the new credit score disclosure requirements. The FRB is issuing these final rules jointly with the FTC. The final rules also amend certain model notices in Regulation B (Equal Credit Opportunity), which combine the adverse action notice requirements for Regulation B and the FCRA, to reflect the new credit score disclosure requirements. The rules under Regulations V and B are effective 30 days after the date of publication in the Federal Register.  
Published
Jul 06, 2011
Forum Calls For More Inclusive Access to Homeownership

FHFA, policy experts, and journalists join NAR-Urban Institute discussion on accessibility and affordability challenges.

Regulation and Compliance
May 23, 2022
CRA Impact May Not Be As Profound As Feared

CFPB Director Rohit Chopra tells MBA conference changes shouldn’t be difficult

Regulation and Compliance
May 17, 2022
A UDAAP Expansion

The CFPB’s new memo about consumer complaints

Regulation and Compliance
May 17, 2022
Builders, Lenders Praise Biden Plan To Improve Housing Supply

'Housing Supply Action Plan' seeks to improve affordability by increasing housing inventory over the next five years.

Regulation and Compliance
May 17, 2022
Trigger Leads Could Be Outlawed In Mortgage Industry

N.Y. congressman says selling the information increases risk of fraud, ID theft.

Regulation and Compliance
May 17, 2022
Georgia Governor Signs New Mortgage Licensing Law

Lessens impact on hiring of out-of-state employees with criminal records

Regulation and Compliance
May 10, 2022