Who has rulemaking authority for the Fair Credit Reporting Act (FCRA) and the Fair and Accurate Credit Transactions Act (FACTA)?

Question

Options

• AState Attorneys General
• BThe Federal Trade Commission
• CThe Department of Commerce
• DThe Consumer Financial Protection Bureau

• A
  11% (2)
• B
  16% (3)
• C
  5% (1)
• D
  68% (13)

Explanation

The Consumer Financial Protection Bureau (CFPB) has rulemaking authority for the Fair Credit Reporting Act (FCRA) and the Fair and Accurate Credit Transactions Act (FACTA), as well as other consumer financial laws. The Dodd-Frank Act, enacted in 2010, transferred most of the rulemaking responsibilities added to the FCRA by the FACTA and the Credit CARD Act from the Federal Trade Commission (FTC) to the CFPB. However, the FTC retains its enforcement authority for the FCRA and the FACTA, along with other federal and state agencies. The CFPB also shares rulemaking authority for some provisions of the FACTA with the FTC, such as the identity theft red flags and address discrepancy rules. The Department of Commerce and the State Attorneys General do not have rulemaking authority for the FCRA or the FACTA.

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