Fair and Accurate Credit Transactions Act (Chart)
Many subscribers have asked for guidance on when different provisions of the FACT Act are scheduled to take effect. As compliance history shows, the dates in the statute are not always the final indicator because the regulatory process may change things a little - or a lot. Notwithstanding, we have laid out all the provisions affecting banks and other credit or deposit institutions by title in the act.
The chart then shows a summary of the statutory provision and the target dates. This chart does not include studies to be performed by government regulatory agencies or other activities that will not affect financial institutions directly. For example, the financial education title is omitted because it does not require any action by financial institutions. You may benefit significantly from having customers who are better prepared, but there is no requirement for your action.
This is a guide only because things may change. You may want to use this as a "living document" and enter changes or final dates as they come down. The next six to eight months will be intense for rules and dates. Good luck!
Fair and Accurate Credit Transactions Act (Chart)
Copyright © 2004 Compliance Action. Originally appeared in Compliance Action, Vol. 9, No. 8, 8/04
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