Fair and Accurate Credit Transactions Act (2 page chart)
The FACT Act has been the compliance challenge of 2004 – along with a few other things such as Bank Secrecy, fair lending, and information security. In August of this year, we published a chart based on what we knew at that time. As with most compliance, much of that information – especially effective dates – has changed. So, in the spirit of the Winter Solstice, we offer an updated chart.
This chart shows the FACT Act section and the section of the FCRA where it resides, a brief description of the requirements, an indication of the parties or types of transactions that are covered, and the known or estimated effective date.
In several cases, the effective date set by the statute has passed and regulations have not been issued. The agencies have indicated in a letter to the American Bankers Association that these provisions will not be effective until final regulations are issued. These provisions are indicated as “delayed.”
As was the case with the chart published in August, the status and effective dates for some rules will change as the agencies take final action. This chart is therefore a guide, authoritative only as of the date of publication. We recommend that you use this as a living document to help track changes and regulations as they are issued.
Fair and Accurate Credit Transactions Act (2 page chart)
Copyright © 2004 Compliance Action. Originally appeared in Compliance Action, Vol. 9, No. 15, 12/04
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