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Federal Register / Vol. 86, No. 178 / Friday, September 17, 2021 / Rules and Regulations l Related Information For more information about this AD, contact Scott Stevenson, Aviation Safety Engineer, ECO Branch, FAA, 1200 District Avenue, Burlington, MA 01803; phone: 781
2387132; fax: 781 2387199; email:
Scott.M.Stevenson@faa.gov.

Division of Privacy and Identity Protection, Bureau of Consumer Protection, Federal Trade Commission, 600 Pennsylvania Avenue NW, Washington, DC 20580.
SUPPLEMENTARY INFORMATION:

m Material Incorporated by Reference 1 The Director of the Federal Register approved the incorporation by reference IBR of the service information listed in this paragraph under 5 U.S.C. 552a and 1 CFR
part 51.
2 You must use this service information as applicable to do the actions required by this AD, unless the AD specifies otherwise.
i GE CF348C Alert Service Bulletin SB
72A0335 R02, dated February 25, 2020.
ii GE CF348E Alert SB 72A0221 R02, dated February 25, 2020.
3 For GE service information identified in this AD, contact General Electric Company, GE Aviation, Room 285, 1 Neumann Way, Cincinnati, OH 45215; phone: 513 552
3272; email: aviation.fleetsupport@ge.com.
4 You may view this service information at FAA, Airworthiness Products Section, Operational Safety Branch, 1200 District Avenue, Burlington, MA 01803. For information on the availability of this material at the FAA, call 781 2387759.
5 You may view this service information that is incorporated by reference at the National Archives and Records Administration NARA. For information on the availability of this material at NARA, email: fr.inspection@nara.gov, or go to:
https www.archives.gov/federal-register/cfr/
ibr-locations.html.

I. Background
Issued on August 26, 2021.
Lance T. Gant, Director, Compliance & Airworthiness Division, Aircraft Certification Service.
FR Doc. 202120042 Filed 91621; 8:45 am BILLING CODE 491013P

FEDERAL TRADE COMMISSION
16 CFR Part 640 and 698
RIN 3084AB63

Duties of Creditors Regarding RiskBased Pricing Rule Federal Trade Commission.
Final rule.

AGENCY:
ACTION:

The Federal Trade Commission FTC or Commission is issuing a final rule Final Rule to amend its Duties of Creditors Regarding Risk-Based Pricing Rule Risk-Based Pricing Rule and its related model notice to correspond to changes made to the Fair Credit Reporting Act FCRA
by the Dodd-Frank Act and to clarify the model notice.
DATES: Effective October 18, 2021.
FOR FURTHER INFORMATION CONTACT:
David Lincicum 2023262773, SUMMARY:

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A. The Risk-Based Pricing Rule The Fair and Accurate Credit Transactions Act of 2003 FACT Act was signed into law on December 4, 2003. Public Law 108159, 117 Stat.
1952. Section 311 of the FACT Act added section 615h, 15 U.S.C.
1681mh, to the FCRA to address riskbased pricing. Risk-based pricing refers to the practice of setting or adjusting the price and other terms of credit offered or extended to a particular consumer to reflect the risk of nonpayment by that consumer. Information from a consumer report is often used in evaluating the risk posed by the consumer. Creditors that engage in risk-based pricing generally offer more favorable terms to consumers with good credit histories and less favorable terms to consumers with poor credit histories.
Under section 615h of the FCRA, a person generally must provide a riskbased pricing notice to a consumer when the person uses a consumer report in connection with an extension of credit and, based in whole or in part on the consumer report, extends credit to the consumer on terms materially less favorable than the most favorable terms available to a substantial proportion of consumers. The risk-based pricing notice is designed primarily to improve the accuracy of consumer reports by alerting consumers to the existence of negative information in their consumer reports so consumers can, if they choose, check their consumer reports for accuracy and correct any inaccurate information. The Federal Reserve Board and the Commission jointly published regulations implementing these riskbased pricing provisions on January 15, 2010.1 The Rule was then amended in July 2011 to include a requirement that, if a credit score is used in making the credit decision, the creditor must disclose that score and certain information relating to the credit score.2
B. Dodd-Frank Act The Dodd-Frank Wall Street Reform and Consumer Protection Act DoddFrank Act was signed into law in 2010.3 The Dodd-Frank Act substantially changed the federal legal 1 75

FR 2723 January 15, 2010.
FR 41602 July 15, 2011.
3 Public Law 111203 2010.
2 76

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framework for financial services providers. Among the changes, the Dodd-Frank Act transferred to the Consumer Financial Protection Bureau CFPB the Commissions rulemaking authority under portions of the FCRA.4
Accordingly, in 2012, the Commission rescinded several of its FCRA rules, which had been replaced by rules issued by the CFPB.5 The FTC retained rulemaking authority for other rules promulgated under the Acts to the extent the rules apply to motor vehicle dealers described in section 1029a of the Dodd-Frank Act 6 predominantly engaged in the sale and servicing of motor vehicles, the leasing and servicing of motor vehicles, or both.7
The retained rules include the RiskBased Pricing Rule, which now applies only to motor vehicle dealers that use consumer reports or credit scores for risk-based pricing.8 Consumer report or credit score users that are not motor vehicle dealers are covered by the CFPBs rule.9
II. Regulatory Review of the Risk-Based Pricing Notice Rule On October 8, 2020, the Commission solicited comments on the Risk-Based Pricing Rule. The Commission sought information about the costs and benefits of the Rule, and its regulatory and economic impact. In addition, the Commission proposed amending part 640 to narrow the scope of the Rule to motor vehicle dealers excluded from Consumer Financial Protection Bureau jurisdiction as described in the DoddFrank Act and remove examples that did not apply to motor vehicle dealers.
The Commission received one comment related to the Risk-Based Pricing Rule.10
III. Overview of Final Rule A. Scope The Commission promulgated the Risk-Based Pricing Rule at a time when it had rulemaking authority for a 4 15 U.S.C. 1681 et seq. The Dodd-Frank Act does not transfer to the CFPB rulemaking authority for section 615e of the FCRA Red Flag Guidelines and Regulations Required and section 628 of the FCRA Disposal of Records. See 15 U.S.C.
1681se.
5 77 FR 22200 April 13, 2012; 12 U.S.C. 5519.
6 15 U.S.C. 5519.
7 77 FR 22200.
8 Id. The Rule also sets forth requirements for entities that use credit scores. See, e.g., 16 CFR
640.3b. For ease of reference, in this supplementary information section users of consumer reports includes users of credit scores.
9 12 CFR 1022.7075.
10 The comments are available at www.regulations.gov/document/FTC-2020-00720001/comment. The Commission also received two comments that addressed regulation of lenders and motor vehicle dealers generally. Both comments argued such regulation was needed.

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