Recordkeeping and Disclosure Requirements Associated with the CFPB's and the Board's Regulations V

The Consumer Financial Protection Bureau’s (CFPB) Regulation V and the Board’s Regulation V (collectively FR V Regulations) implement in part the Fair Credit Reporting Act (FCRA), which was enacted in 1970 based on a Congressional finding that the banking system is dependent on fair and accurate credit reporting. The FCRA was enacted to ensure consumer reporting agencies exercise their responsibilities with fairness, impartiality, and a respect for the consumer’s right to privacy. The FCRA requires consumer reporting agencies to adopt reasonable procedures that are fair and equitable to the consumer with regard to the confidentiality, accuracy, relevancy, and proper utilization of consumer information. The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), enacted in 2010, transferred to the CFPB most, but not all, of the rulemaking authority for issuing regulations under the FCRA. The Board and other federal agencies retained rulemaking responsibility for the FCRA provisions regarding identity theft prevention programs and the duties of card issuers to validate consumers’ changes of address (hereinafter, identity theft red flags), as well as the disposal of consumer information, with respect to the entities that are subject to each agency’s respective enforcement authority. The Paperwork Reduction Act (PRA) classifies reporting, recordkeeping, or disclosure requirements of a regulation as an information collection. The Board continues to be responsible for renewing every three years the information collection requirements contained in the CFPB’s Regulation V for institutions with $10 billion or less in assets that are identified in 15 U.S.C. § 1681s(b)(1)(A)(ii) and for consumers of these institutions, as well as for the identity theft red flags provisions in the Board’s Regulation V for institutions of any size that are identified in 15 U.S.C. § 1681s(b)(1)(A)(ii).

The latest form for Recordkeeping and Disclosure Requirements Associated with the CFPB's and the Board's Regulations V expires 2029-04-30 and can be found here.

Recordkeeping Sections 222.90 - 222.91 Identity theft red flags

Federal Enterprise Architecture: Economic Development - Financial Sector Oversight