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Wednesday, February 12, 2014

Federal Reserve Seeks Comments

The Federal Reserve Board is seeking comments on proposals to repeal its Truth in Savings (Regulation DD) and Privacy of Consumer Financial Information (Regulation P) as well as comments to amend the Identity Theft Red Flags rule in the Fair Credit Reporting (Regulation V).

The board is proposing to repeal Regulations DD and P now that the CFPB has already issued interim final rules that are nearly identical.

Regarding Regulation V, the board’s proposal would revise the rule to reflect legislation that amended the Fair Credit Reporting Act to clarify that these provisions apply only to creditors that regularly extend credit or obtain consumer reports in the ordinary course of their business.

Comments must be submitted within 60 days from the date of publication in the Federal Register, which is expected shortly.

Read more.

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