Furnishers’ Obligations for Consumer Credit Information Under the CARES Act, FCRA, and ECOA (2024)

Consumer Compliance Outlook > 2020> Second Issue 2020

Consumer Compliance Outlook: Second Issue 2020

By Maureen Yap, Senior Counsel, Division of Consumer and Community Affairs, Board of Governors of the Federal Reserve System

As the nation grapples with the health and financial effects of the COVID-19 pandemic, the continued operation of thecredit reporting system can play a critical role in the functioning of the consumer financial services market. Mostcreditors rely on the information in credit reports in deciding whether to grant credit — including mortgageloans, auto loans, credit cards, and private student loans. These reports can also be used, among other permissiblepurposes, to help landlords determine eligibility for rental housing, to help insurers set premiums for automobile,homeowners, and other insurance, and to help employers assess job applicants.

Over the years, Congress has taken steps to ensure the fairness and accuracy of these reports. The two primaryfederal credit reporting laws are the Fair Credit Reporting Act (FCRA) and the Equal Credit Opportunity Act (ECOA).The FCRA, as implemented by Regulation V, imposes certain requirements on entities that furnish information aboutconsumers to consumer reporting agencies (CRAs).¹ The ECOA, as implemented by Regulation B, generallyprohibitsdiscrimination in any aspect of a credit transaction, including furnishing credit information, and contains certainspecific requirements for creditors who furnish credit information about accounts used or held byspouses.²

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law to providerelief to consumers and businesses struggling during the COVID-19 emergency.³ Among other things, theCARES Actamended the FCRA to address furnishers’ responsibilities.⁴ Generally, the amendment requiresfurnishers whoprovide a credit accommodation to a consumer affected by the COVID-19 pandemic to continue to report theconsumer’s account or credit obligation as “current.” This provision ensures that consumersaffected by the pandemic can obtain essential relief without jeopardizing their credit scores and their futureability to rent or buy a home, purchase a car, obtain a credit card or student loan, obtain affordable insurance, orsecure employment.

To generate awareness of the important role of furnishers of credit information, Outlook published anarticle in 2012 titled, “Furnishers’ Compliance Obligations for Consumer Credit Information under theFCRA and ECOA.”⁵ Because of the importance of credit reporting information, as well as the changesunder theCARES Act, we are refreshing this article with updated information.

FAIR CREDIT REPORTING ACT/REGULATION V

Section623 of the FCRA and Regulation V generally provide that a furnisher must not furnish inaccurate consumerinformation to a CRA, and that furnishers must investigate a consumer’s dispute that the furnished informationis inaccurate or incomplete. At the federal level, the Consumer Financial Protection Bureau (Bureau), the Board ofGovernors of the Federal Reserve System (Board), the Federal Deposit Insurance Corporation (FDIC), the Office of theComptroller of the Currency (OCC), and the National Credit Union Administration (NCUA) have supervisory authorityfor depository institutions’ compliance with the FCRA.⁶ For most provisions of the FCRA, the Board,FDIC, OCC,and NCUA have supervisory authority for depository institutions with assets of $10 billion or less. For depositoryinstitutions with assets over $10 billion, the Bureau has the authority. In addition, the state attorneys generalhave enforcement authority.⁷ Finally, private plaintiffs have the right to file lawsuits with respect tothefurnisher’s obligation to investigate a consumer dispute filed with a CRA.⁸

Coverage

Generally, Section 623 of the FCRA applies to any “person” who furnishes information related to a“consumer” to a “consumer reporting agency.” The term person is broadly defined as“any individual, partnership, corporation, trust, estate, cooperative, association, government or governmentalsubdivision or agency, or other entity.”⁹ The term consumer is limited to “anindividual.”¹⁰ The term consumer reporting agency (CRA) refers to “any person which,formonetary fees, dues, or on a cooperative nonprofit basis, regularly engages in whole or in part in the practice ofassembling or evaluating consumer credit information or other information on consumers for the purpose of furnishingconsumer reports to third parties, and which uses any means or facility of interstate commerce for the purpose ofpreparing or furnishing consumer reports.”¹¹

In addition, Regulation V defines a furnisher as “an entity that furnishes information relating to consumers toone or more consumer reporting agencies for inclusion in a consumer report.”¹²

The CARES Act: Duty to Report Certain Information During the COVID-19 Pandemic

Coverage. A new provision of the FCRA added by the CARES Act imposes certain duties on afurnisher that makes an “accommodation” with respect to one or more payments on a credit obligation oraccount of a consumer (a covered furnisher).¹³ The new provision states that the “the term‘accommodation’ includes an agreement to defer 1 or more payments, make a partial payment, forbear anydelinquent amounts, modify a loan or contract, or any other assistance or relief granted to a consumer who isaffected by the coronavirus disease 2019 (COVID-19) pandemic during the covered period.”¹⁴ The termcovered period begins on January 31, 2020, and ends 120 days after the termination of the COVID-19 nationalemergency.¹⁵ The provision does not apply to a credit obligation or account of a consumer that has beenchargedoff.¹⁶

Reporting. Under this new provision, a covered furnisher must report the credit obligationor account as current if:

• The credit obligation or account was current before the accommodation and the consumer makes the payments pursuant to the accommodation;
• The credit obligation or account was current before the accommodation and the consumer is not required to make one or more payments pursuant to the accommodation; or
• The credit obligation or account was delinquent before the accommodation and the consumer brings the credit obligation or account current.

A covered furnisher must maintain the delinquent status during the period in which the accommodation is in effect ifthe credit obligation or account was delinquent before the accommodation.¹⁷

The other provisions of Section 623 of the FCRA — including the duty to provide accurate information, the dutyto implement reasonable policies and procedures, and the duty to investigate disputes — remain in effect andare described next.

Duty to Provide CRAs with Accurate Information

Prohibition on Reporting Inaccurate Information. Section 623(a) of the FCRA generallyprohibits a person from furnishing inaccurate information to a CRA. The standards for the prohibition differ,depending on whether the person specifies an address for receipt of notices from consumers concerning inaccurateinformation. If the person specifies such an address, it may not furnish information relating to a consumer to anyCRA, if (a) the consumer notified the person, at the specified address, that the information is inaccurate, and (b)the information is, in fact, inaccurate.¹⁸

If the person does not specify such an address, the FCRA prohibits the person from reporting information to a CRA ifthe furnisher “knows or has reasonable cause to believe that the information isinaccurate.”¹⁹ Thestatute defines reasonable cause to believe that the information is inaccurate to mean “havingspecific knowledge, other than solely allegations by the consumer, that would cause a reasonable person to havesubstantial doubts about the accuracy of the information.”²⁰

Duty to Promptly Correct and Update Information. Section 623(a) of the FCRA also requires aperson who regularly furnishes information to CRAs to promptly notify a CRA if the person determines the previouslyfurnished information is not complete or accurate.²¹ The person must then provide corrected informationand ensureit does not refurnish the incomplete or inaccurate information.

Duty to Provide Notice of Dispute. If a consumer disputes the completeness or accuracy offurnished information, the furnisher must provide a notice of the dispute to the CRAs when furnishing the disputedinformation.²²

Duty to Provide Notice of Accounts Closed Voluntarily. A person who regularly furnishesinformation to CRAs must notify the CRAs when a consumer voluntarily closes a credit account.²³ Thisnotice must beincluded in the information regularly furnished for the period in which the account is closed.

Duty to Provide Dates of Delinquency. When an account is placed for collection, is chargedto profit or loss, or a similar action is taken, and that delinquency is furnished to a CRA, the furnisher mustnotify the CRA of the date of delinquency on the account no later than 90 days after furnishing theinformation.²⁴This date is the month and year the account first becomes delinquent, not when the creditor places the account forcollections, charges the account to profit or loss, or takes a similar action.²⁵

Duty to Prevent Repollution of Consumer Reports. If a consumer submits an identity theftreport to a furnisher indicating that furnished information resulted from identity theft, the furnisher must notreport the information to the CRAs unless the furnisher subsequently knows or is informed by the consumer that theinformation is correct.²⁶ In addition, furnishers are required to maintain reasonable procedures torespond tonotifications from the CRAs relating to information that results from identify theft to prevent refurnishing thisinformation.

Duty to Provide the Customer with a Notice about Negative Information

Duty to Provide a Notice to the Customer. If a financial institution that extends creditand regularly furnishes information to a nationwide CRA furnishes negative information to the CRAs about a creditextension, the financial institution must provide a clear and conspicuous written notice to the customer indicatingthat it furnished negative information to the CRAs.²⁷ The term negative information means“information concerning a customer’s delinquencies, late payments, insolvency, or any form ofdefault.”²⁸

Timing of Notice. The financial institution must provide the notice to the customer nolater than 30 days after furnishing the negative information to a CRA. After providing the notice, the financialinstitution is not required to send the customer additional notices if it furnishes additional negative informationto the CRAs about the same transaction, credit extension, account, or customer.²⁹

Format of Notice. The notice generally may be included on or with any notice of default,any billing statement, or any other materials provided to the customers; however, if the notice is provided to thecustomer prior to furnishing the negative information to a CRA, the notice may not be included in the initialdisclosures provided under Section 127(a) of the Truth in Lending Act.³⁰ Two model forms (Model NoticesofFurnishing Negative Information) are available in Appendix B of Regulation V.³¹ Although use of the modelforms isnot required, a financial institution is deemed to comply with the requirements if it uses one of the modelforms.³²

Duty to Implement Reasonable Policies and Procedures

Regulation V requires furnishers to establish and implement reasonable written policies and procedures regarding theaccuracy and integrity of the consumer information furnished to CRAs.³³

Accuracy means that the information the furnisher provides to a CRA correctly:

• Identifies the appropriate consumer;
• Reflects the account’s terms and liability; and
• Reflects the consumer’s performance with respect to the account.³⁴

Integrity means the information the furnisher provides to a CRA:

• Is substantiated by the furnisher’s records at the time it is furnished;
• Is in a form designed to minimize the likelihood that the information may be incorrectly reflected in a consumer report;
• Includes the information in the furnisher’s possession regarding the credit limit, if applicable; and
• Includes any other information in the furnisher’s possession that the Bureau has determined the absence of which would likely be materially misleading in evaluating a consumer’s creditworthiness, credit standing, credit capacity, character, general reputation, personal characteristics, or mode of living.³⁵

Regulation V requires that the furnisher’s policies and procedures be appropriate to the nature, size,complexity, and scope of its activities.³⁶ In developing the policies and procedures, a furnisher mustconsider theInteragency Guidelines Concerning the Accuracy and Integrity of Information Furnished to Consumer Reporting Agenciesfound in Appendix E of Regulation V (Interagency Guidelines), and incorporate those guidelines, as appropriate. Eachfurnisher must also review its policies and procedures periodically and update them as necessary to ensure theircontinued effectiveness.

The Interagency Guidelines include:

• Using standard data reporting formats and standard procedures for compiling and furnishing data, where feasible, such as electronic transmission of information about consumers to CRAs;
• Deleting, updating, and correcting information in the furnisher’s records, as appropriate, to avoid furnishing inaccurate information;
• Conducting reasonable investigations of disputes;
• Establishing and implementing appropriate internal controls regarding the accuracy and integrity of information about consumers furnished to CRAs, such as by implementing standard procedures and verifying random samples of information provided to CRAs; and
• Training staff that participates in activities related to the furnishing of information about consumers to CRAs.³⁷

Duty to Investigate Disputes Filed Directly with the Furnisher

The FCRA and Regulation V generally require a furnisher to conduct a reasonable investigation of a dispute submitteddirectly to a furnisher by a consumer concerning the accuracy of any information contained in a consumer report andpertaining to an account or other relationship that the furnisher has or had with the consumer (directdispute).³⁸

Covered Disputes. A furnisher is required to investigate if the dispute relates to:

• The consumer’s liability for a credit account or other debt with the furnisher;
• The terms of a credit account or other debt with the furnisher;
• The consumer’s performance or other conduct concerning an account or other relationship with the furnisher; or
• Any other information contained in a consumer report for an account or other relationship with the furnisher that bears on the consumer’s creditworthiness, credit standing, credit capacity, character, general reputation, personal characteristics, or mode of living.³⁹

The direct dispute rule does not apply if the dispute relates to the consumer’s identifying information, theidentity of past or present employers, or inquiries or requests for a consumer report. It also does not apply todisputes relating to information that is derived from public records, provided to a CRA by another furnisher, orrelated to fraud alerts or active duty alerts.⁴⁰ Finally, the rule does not apply if the furnisher has areasonablebelief that the direct dispute is submitted by a credit repair organization, is prepared on behalf of the consumerby a credit repair organization, or is submitted on a form supplied to the consumer by a credit repairorganization.⁴¹

Consumer’s Obligation to Submit a Proper Notice of Dispute. A furnisher is requiredto investigate the dispute only if the consumer submitted the dispute notice to one of the following addresses:

• An address the furnisher provided that is listed on the consumer report;
• An address the furnisher clearly and conspicuously identified for submitting direct disputes that is provided to the consumer in writing or, if the consumer agrees, electronically; or
• If no address is specified, any business address of the furnisher.⁴²

Moreover, the consumer’s dispute notice must include:

• Sufficient information to identify the account or other relationship in dispute;
• The specific information being disputed;
• An explanation of the basis for the dispute; and
• All supporting documentation reasonably required by the furnisher to substantiate the basis of the dispute.⁴³

Furnisher’s Duty to Investigate. Upon receiving a consumer’s proper notice ofdispute, the furnisher must conduct a reasonable investigation of the dispute.⁴⁴ The furnisher also mustreview allrelevant information provided by the consumer with the dispute notice.

The furnisher has 30 days from the receipt of the dispute notice (with the possibility for a 15-day extension undercertain circ*mstances) to complete the investigation and report the results to the consumer.⁴⁵ If thefurnisherfinds that the information reported was inaccurate, the furnisher must promptly notify each CRA to which it providedthe inaccurate information of the determination and provide the changes necessary to make the informationaccurate.⁴⁶

Exception for Frivolous or Irrelevant Disputes. A furnisher is not required to investigatea direct dispute if the furnisher has reasonably determined that the dispute is frivolous orirrelevant.⁴⁷ UnderRegulation V, a dispute is frivolous or irrelevant if the dispute notice (1) does not contain sufficient informationto investigate the dispute, (2) raises a dispute about information exempted from the rule, or (3) raises a disputethat is substantially the same as a dispute previously submitted by the consumer and resolved in accordance with theregulations. If the furnisher determines that a dispute is frivolous or irrelevant, the furnisher has five businessdays to notify the consumer of its determination. The notice must include the reasons for the determination andidentify any information required to investigate the disputed information.

Duty to Investigate Disputes Filed with CRAs

The FCRA requires furnishers to investigate consumer disputes filed with the CRAs about information the furnishersprovided.⁴⁸ More specifically, when a furnisher receives notice from a CRA that a consumer disputes thecompletenessor accuracy of information the furnisher provided to the CRA, the furnisher must investigate the disputedinformation, review all relevant information the CRA provided, and report the results of its investigation to theCRA.⁴⁹ If the furnisher determines the information it provided was incomplete or inaccurate, thefurnisher mustnotify all nationwide CRAs to which the information was furnished of its findings.⁵⁰ Finally, if thefurnisherdetermines the disputed information is inaccurate or incomplete or cannot be verified, the furnisher must promptlymodify or delete the information or permanently block the reporting of that information.⁵¹ The furnishergenerallyhas 30 days from the date the consumer filed the dispute with the CRA to complete its investigation and makeappropriate notifications, but the investigation period may be extended an additional 15 days in somecirc*mstances.⁵²

EQUAL CREDIT OPPORTUNITY ACT/REGULATION B

Regulation B, which implements the ECOA, imposes certain obligations on creditors that furnish credit information toCRAs.⁵³ In addition, Regulation B prohibits discrimination on a prohibited basis regarding any aspect ofa credittransaction.⁵⁴ At the federal level, the Board, FDIC, OCC, and NCUA have supervisory authority for ECOAand Regulation B for depository institutions with assets of $10 billion or less.⁵⁵ For depository institutionswithassets over $10 billion, the Bureau has this authority. Also, if any of these agencies has reason to believe thatthe creditor engaged in a pattern or practice of discrimination, then the agency must refer the matter to the U.S.Department of Justice.⁵⁶ The Board has referred one matter involving discrimination on the basis of sexand maritalstatus in credit reporting.⁵⁷ In this matter, the creditor failed to provide information to CRAs aboutthe paymenthistory of spouses (almost all of whom were women) who were contractually obligated on the note.

In addition to the federal regulators, private plaintiffs have the right to file lawsuits under theECOA.⁵⁸Violations of Regulation B can subject creditors to civil liability for actual and punitive damages in individualand class actions.⁵⁹ If a furnisher fails to comply with the regulation because of an inadvertent error,there is noviolation.⁶⁰ The term inadvertent error means “a mechanical, electronic, or clerical errorthat acreditor demonstrates was not intentional and occurred notwithstanding the maintenance of procedures reasonablyadapted to avoid such errors,”⁶¹ but it does not include an error of legal judgment.⁶²Upon discovering theerror, the furnisher must correct it as soon as possible.

Coverage

Regulation B applies to a creditor, which is broadly defined to mean “a person who, in the ordinarycourse of business, regularly participates in a credit decision, including setting the terms of thecredit.”⁶³The Official Staff Commentary to the regulation clarifies that the furnisher requirements only apply to consumercredit.⁶⁴ Moreover, they apply only to creditors that opt to furnish credit information to CRAs or toothercreditors; a creditor is not required to furnish credit information on its accounts.

Duties for Accounts Held or Used by Spouses

Section 1002.10 of Regulation B imposes three obligations on creditors furnishing consumer credit information to theCRAs for accounts held or used by spouses.

First, a creditor must designate accounts to reflect both spouses’ participation in the accounts in thefollowing circ*mstances:

• For new accounts, when the spouse is an authorized user or is contractually liable on the account (except as a guarantor, surety, endorser, or similar party); and
• For existing accounts, when one of the spouses makes a written request to reflect both spouses’ participation on the account. In this situation, the furnisher must change the designation on the account within 90 days after receiving the written request.⁶⁵

Second, when an account is designated to reflect the participation of both spouses, the creditor must furnish theinformation to the CRAs in a way that enables the CRAs to provide access to the information in the name of eachspouse.⁶⁶

Finally, if a creditor receives an inquiry about an account that reflects both spouses participating, the creditormust furnish the information in the name of the spouse for whom the information is requested.⁶⁷ Forexample, if theinquiry concerns an account on which a husband and wife both participate, and the inquiry specifically is about thewife, the creditor must provide the information in the wife’s name.

Prohibition on Discrimination

In addition to the specific furnisher provisions, Regulation B broadly prohibits creditors from discriminating in anyaspect of the credit transaction on any prohibited basis.⁶⁸ The term credit transaction includesthe“furnishing of credit information.”⁶⁹ The term prohibited basis means “race,color,religion, national origin, sex, marital status, or age (provided that the applicant has the capacity to enter into abinding contract); the applicant’s receipt of income, in whole or part, from any public assistance program; orthe applicant’s exercise in good faith of a right under the Consumer Credit Protection Act or any state lawupon which an exemption has been granted by the [Bureau].”⁷⁰ This general rule covers, for example,theadministration of accounts and the treatment of delinquent or slow accounts.⁷¹

CONCLUSION

Credit reports play an important role for consumers and creditors. Specific provisions of the CARES Act, the FCRA,Regulation V, the ECOA, and Regulation B are designed to ensure the fairness and accuracy of these reports.Financial institutions that furnish information to the CRAs should have adequate policies and procedures in place toensure that they are complying with these requirements, including procedures to periodically test systems to verifycompliance. Compliance with the credit reporting laws can promote fair and efficient access to credit, benefitingconsumers and creditors alike. Specific questions should be addressed to your primary regulator.

¹ FairCreditReporting Act, 15 U.S.C. §1681 et seq., implemented in part by RegulationV, 12 C.F.R. Part 1022. Most of the furnisher requirements discussed in this article under Section 623of the FCRA (15U.S.C. §1681s-2) do not have implementing regulations, so furnishers must focus on the statutoryrequirements.

² EqualCreditReporting Act, 15 U.S.C. §1691 et seq., implemented byRegulation B, 12 C.F.R. Part 1002. In addition, under the ECOA, Regulation B (12 C.F.R. §1002.9),and the FCRA (15 U.S.C. §1681m), consumers and businesses applying for credit must be provided notice ofthe reasons a creditor took adverse action on the application or on an existing credit account in certaincirc*mstances.

³ Coronavirus Aid, Relief,andEconomic Security (CARES) Act, Pub. L. No. 116-136, 134 Stat. 281 (March 27, 2020).

⁴ Section 4021 of the CARES Act amended Section 623(a)(1) of the FCRA (15U.S.C. §1681s–2(a)(1)).

⁵ Kenneth Benton and Casey McHugh, Federal Reserve Bank of Philadelphia, “Furnishers’Compliance Obligations for Consumer CreditInformation under the FCRAand ECOA,” Consumer Compliance Outlook (Second Quarter 2012).

⁶ See 15U.S.C. §1681s(b), §1681s-2(d).

⁷ See 15U.S.C. §1681s(c), §1681s-2(d).

⁸ See15 U.S.C. §1681s-2(c).

⁹ See 15U.S.C. §1681a(b).

¹⁰ See 15U.S.C. §1681a(c).

¹¹ See 15U.S.C. §1681a(f).

¹² See 12C.F.R.§1022.41(c). An entity is not a furnisher when it: (1) provides information to a consumer reportingagency solely to obtain a consumer report in accordance with Sections 604(a) and (f) of the FCRA; (2) is actingas a “consumer reporting agency” as defined in Section 603(f) of the FCRA; (3) is a consumer to whomthe furnished information pertains; or (4) is a neighbor, friend, or associate of the consumer, or anotherindividual with whom the consumer is acquainted or who may have knowledge about the consumer, and who providesinformation about the consumer’s character, general reputation, personal characteristics, or mode ofliving in response to a specific request from a consumer reporting agency.

¹³ See 15U.S.C. §1681s-2(a)(1)(F), as added by Section 4021 of the CARES Act.

¹⁴ See 15U.S.C. §1681s-2(a)(1)(F)(i)(I).

¹⁵ See15 U.S.C. §1681s-2(a)(1)(F)(i)(II). Under the National Emergencies Act, an emergency declarationwill automatically terminate on the one-year anniversary of the declaration if the President does not extend itduring the 90-day period before the anniversary.50 U.S.C. §1622(d). An emergency declaration can also be terminated by a joint resolution ofCongress enacted into law or by a Presidential proclamation. 50U.S.C. §1622(a).

¹⁶ See 15U.S.C. §1681s-2(a)(1)(F)(iii).

¹⁷ See 15U.S.C. §1681s-2(a)(1)(F)(ii).

¹⁸ See 15U.S.C. §1681s-2(a)(1)(B). FCRA does not require a person to specify an address for receipt ofnotices from consumers concerning inaccurate information. 15U.S.C. §1681s-2(a)(1)(C).

¹⁹ See 15U.S.C. §1681s-2(a)(1)(A).

²⁰ See 15U.S.C. §1681s-2(a)(1)(D).

²¹ See 15U.S.C. §1681s-2(a)(2)(B).

²² See15 U.S.C. §1681s-2(a)(3).

²³ See 15U.S.C. §1681s-2(a)(4).

²⁴ See15 U.S.C. §1681s-2(a)(5).

²⁵ See 15 U.S.C. §1681c(a).

²⁶ See 15U.S.C. §1681s-2(a)(6).

²⁷ See 15U.S.C. §1681s-2(a)(7).

²⁸ See 15U.S.C. §1681s-2(a)(7)(G)(i).

²⁹ See 15U.S.C. §1681s-2(a)(7)(A)-(B).

³⁰ See 15U.S.C. §1681s-2(a)(7)(B)(ii) and (C)(i).

³¹ See 12C.F.R. Part 1022, Appendix B – Model Notices of Furnishing Negative Information.

³² See 15U.S.C. §1681s-2(a)(7)(D).

³³ See 12C.F.R.§1022.42. The FCRA requires the Bureau to establish and maintain guidelines for furnishersregarding the accuracy and integrity of furnished information and to prescribe regulations requiring furnishersto establish reasonable policies and procedures to implement these guidelines.15 U.S.C. §1681s-2(e).

³⁴ See 12C.F.R. §1022.41(a).

³⁵ See 12C.F.R. §1022.41(d).

³⁶ See12 C.F.R. §1022.42.

³⁷ See12 C.F.R. Part 1022, Appendix E, paragraph III.

³⁸ The general direct dispute requirements are found at 15U.S.C. §1681s-2(a)(8); 12C.F.R. §1022.43. The definition of direct dispute is found at12 C.F.R. §1022.41(b).

³⁹ See 12 C.F.R. §1022.43(a).

⁴⁰ See 12 C.F.R. §1022.43(b)(1).

⁴¹ See 12 C.F.R. §1022.43(b)(2).

⁴² See 12 C.F.R. §1022.43(c).

⁴³ See 12 C.F.R. §1022.43(d).

⁴⁴ See 12 C.F.R. §1022.43 (e).

⁴⁵ See 12 C.F.R. §1022.43(e)(3).

⁴⁶ See 12 C.F.R. §1022.43(e)(4).

⁴⁷ See 12 C.F.R. §1022.43(f).

⁴⁸ See 15U.S.C. §1681s-2(b).

⁴⁹ See 15U.S.C. §1681s-2(b)(1)(A)-(C).

⁵⁰ See 15U.S.C. §1681s-2(b)(1)(D).

⁵¹ See 15U.S.C. §1681s-2(b)(1)(E).

⁵² See15 U.S.C. §1681s-2(b)(2).

⁵³ See12 C.F.R. §1002.10.

⁵⁴ See12 C.F.R. §1002.4(a).

⁵⁵ See 15U.S.C. §1691c.

⁵⁶ See15 U.S.C. §1691e(g).

⁵⁷ SeeBoard ofGovernors of the Federal Reserve, 98thAnnual Report (2011).

⁵⁸ See15 U.S.C. §1691e.

⁵⁹ See 12C.F.R. §1002.16(b)(1).

⁶⁰ See12 C.F.R. §1002.16(c).

⁶¹ See12 C.F.R. §1002.2(s).

⁶² See12 C.F.R. §1002.16(c), Comment 1.

⁶³ See12 C.F.R. §1002.2(l).

⁶⁴ See12 C.F.R. §1002.10, Comment 1.

⁶⁵ See12 C.F.R. §1002.10(a).

⁶⁶ See12 C.F.R. §1002.10(b).

⁶⁷ See12 C.F.R. §1002.10(c).

⁶⁸ See 12C.F.R. §1002.4(a).

⁶⁹ See 12 C.F.R. §1002.2(m).

⁷⁰ See 12 C.F.R. §1002.2(z)

⁷¹ See12 C.F.R. §1002.4(a), Comment 1.