Request for Public Comment on Proposed Consumer Protection Rules for Affiliate Information Sharing

Federal Reserve Bankll★Kof DallasDALLAS, TEXAS 75265-5906November 6, 2000Notice 00-67TO: The Chief Executive Officer of eachfinancial institution and others concernedin the Eleventh Federal Reserve DistrictSUBJECTRequest for Public Comment onProposed Consumer Protection Rules for AffiliateInformation Sharing PracticesDETAILSThe Board of Governors of the Federal Reserve System, the Federal Deposit Insur-ance Corporation, the Office of the Comptroller of the Currency, and the Office of Thrift Super-vision have requested public comment on proposed regulations implementing the provisions ofthe Fair Credit Reporting Act (FCRA). The act permits institutions to communicate consumerinformation to their affiliate (affiliate information sharing) without incurring the obligations ofconsumer reporting agencies. These provisions authorize institutions to communicate amongtheir affiliates the following:• Information regarding transactions or experiences between the consumer and theperson making the communication (transaction or experience information); and• Other information (that is, information covered by the FCRA but not transactionor experience information), provided that the institution has given notice to theconsumer that the other information may be communicated, the institution hasprovided the consumer an opportunity to “opt out” (i.e., to direct that the informa-tion not be communicated), and the consumer has not opted out.The proposed ...