On 22 May 2014, the Board of Governors of the Federal Reserve System ("Federal Reserve Board") repealed its Regulation DD (Truth in Savings) and Regulation P (Privacy of Consumer Financial Information) and issued final amendments to the Identity Theft Red Flags rule in Regulation V (Fair Credit Reporting). The Federal Reserve Board is repealing Regulation DD and Regulation P in response to the issuance of interim final rules by the Bureau of Consumer Financial Protection ("CFPB") which are substantially identical to Regulation DD and Regulation P. The Federal Reserve Board is also making amendments to provisions of the Board's Regulation V that require financial institutions and creditors to implement identity theft prevention programs. The final rule reflects legislation that amended the Fair Credit Reporting Act ("FCRA") to clarify that these provisions apply only to creditors that regularly extend credit or obtain consumer reports in the ordinary course of their business. The amendments to the FCRA were intended to narrow the scope of the law so that it would not be applied to professionals, such as doctors or lawyers, who sometimes allow consumers to delay payment.
The full text of the Federal Register notice repealing Regulation DD is available at: http://www.federalreserve.gov/newsevents/press/bcreg/bcreg20140522a1.pdf.
The full text of the Federal Register notice repealing Regulation P is available at: http://www.federalreserve.gov/newsevents/press/bcreg/bcreg20140522a2.pdf.
The full text of the amendments to Regulation V is available at: http://www.federalreserve.gov/newsevents/press/bcreg/bcreg20140522a3.pdf.
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