(a) Purpose. The purpose of this part
is to implement the Fair Credit
Reporting Act. This part generally
applies to persons that obtain and use
information about consumers to
determine the consumer’s eligibility for
products, services, or employment,
share such information among affiliates,
and furnish information to consumer
reporting agencies.
(b) Scope.
(1) [reserved]
(2) Institutions covered.
(i) Except as
otherwise provided in this part, the
regulations in this part apply to banks
that are members of the Federal Reserve
System (other than national banks) and
their respective operating subsidiaries
that are not functionally regulated
within the meaning of section 5(c)(5) of
the Bank Holding Company Act, as
amended (12 U.S.C. 1844(c)(5)),
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, organizations operating
under section 25 or 25A of the Federal
Reserve Act (12 U.S.C. 601 et seq., and
611 et seq.), and bank holding
companies and affiliates of such holding
companies, but do not apply to affiliates
of bank holding companies that are
depository institutions regulated by
another federal banking agency or to
consumer reporting agencies.
(ii) For purposes of Appendix B, financial institutions as defined in section 509 of the Gramm-Leach-Bliley Act (12 U.S.C. 6809), may use the model notices in Appendix B of this part to comply with the notice requirement in section 623(a)(7) of the Fair Credit Reporting Act (15 U.S.C. 1681s-2(a)(7)).
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