Skip to content

Regulation V Info Regarding FCRA & FACTA

I am wondering what part Regulation V plays in FCRA and FACTA? I have been asked to review this for my next test and would like a little more insight into it.

Jim Bedsole

Regulation V is the CFPB Regulation at 12 CFR Part 1022 that implements regulatory requirements to ensure adherence to the FCRA and FACTA. It works very similar to how Reg Z implements Truth in Lending Act. Banks are obligated to comply with both the statutory law - in this case the Fair Credit Reporting Act and the FACT Act - as well as with the implementing regulation - in this case Reg V - which provides more detail on how to comply with the statutory requirements.


Randy Carey

And technically, the FACT Act is not a separate law from the FCRA.

The FACT Act was merely a set of amendments to the FCRA.

Referring to the FCRA and the FACT Act is like referring to The Truth-In-Lending Act and the Competitive Equality Banking Act of 1987.

First published on 08/18/2014

Filed under: 
Filed under compliance as: 
Filed under lending as: 

Banker Store View All

From training, policies, forms, and publications, to office products and occasional gifts, it’s available here:

Banker Store

hot right now

image description

Looking for effective, convenient training on a particular subject?

BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between.

Search Topics