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Subject: Fair Credit Reporting Affiliate Marketing Regulations
Date: November 8, 2007
To: Chief Executive Officers of All National Banks, Federal Branches and Agencies, Department and Division Heads, and All Examining Personnel
Description: Final Rule
The attached final rule, which was published in the Federal Register on November 7, 2007, implements the affiliate marketing provisions in section 214 of the Fair and Accurate Credit Transactions Act of 2003 (FACT Act). The final rule generally would prohibit an institution from using certain information about a consumer it receives from an affiliate to make a solicitation to the consumer unless the consumer has been given notice and an opportunity to opt out of the solicitation. An institution that has a pre-existing business relationship with the consumer would not be subject to this marketing limitation. This affiliate marketing opt out final rule does not supersede or replace the provisions in section 603 of the Fair Credit Reporting Act concerning a consumer’s right to opt out of the sharing of information among affiliates. The effective date of the rule is January 1, 2008 and compliance with the rule is required not later than October 1, 2008.
For questions concerning this proposed rule, contact Amy Friend, Assistant Chief Counsel at (202) 874-5200; Michael Bylsma, Director, Community and Consumer Law at (202) 874-5750; Patrick T. Tierney, Senior Attorney, Legislative and Regulatory Activities Division at (202) 874-5090; or Paul Utterback, Compliance Specialist, Compliance Policy Division at (202) 874-4428.
Julie L. Williams