Federal Register - September 17, 2021
Versione di testo Cosa è?Dateas è un sito indipendente non affiliato a entità governative. La fonte dei documenti PDF che pubblichiamo qui è l'entità governativa indicata in ciascuno di essi. Le versioni in testo sono trascrizioni che realizziamo per facilitare l'accesso e la ricerca di informazioni, ma possono contenere errori o non essere complete.
Source: Federal Register
51820
Federal Register / Vol. 86, No. 178 / Friday, September 17, 2021 / Rules and Regulations
by the Furnisher Rule that are not motor vehicle dealers are covered by the CFPBs rule.11 The Commission continues to have authority to enforce the CFPBs rule and has brought several actions alleging violations of the rule.12
II. Regulatory Review of the Furnisher Rule On September 30, 2020, the Commission solicited comments on the Furnisher Rule as part of its periodic review of its rules and guides. The Commission sought information about the costs and benefits of the Rule, and its regulatory and economic impact. In addition, the Commission proposed amending sections 660.1 and 660.2 to narrow the scope of the Furnisher Rule to motor vehicle dealers excluded from CFPB jurisdiction as described in the Dodd-Frank Act. The Commission received one comment stating that the Furnisher Rule assists millions of consumers to discover inaccuracies in their consumer reports and emphasizing the need for continued enforcement of the Rule.13 The Commission agrees with this commenter.
III. Overview of Final Rule The Commission adopted the Furnisher Rule at a time when it had rulemaking authority for a broader group of consumer report users. While the Dodd-Frank Act did not change the Commissions enforcement authority for the Furnisher Rule, it did narrow the Commissions rulemaking authority with respect to the Rule. It now covers only motor vehicle dealers.14 The amendments in the Dodd-Frank Act necessitate technical revisions to the Furnisher Rule to ensure the regulation is consistent with the text of the amended FCRA. Accordingly, the Commission amends the Furnisher Rule to properly reflect the Rules scope.
The amendment to section 660.1
narrows the scope of the Furnisher Rule to motor vehicle dealers, as defined in amended section 660.2.
11 12
CFR 1022.4043.
e.g., FTC v. Midwest Recovery Systems, LLC, Case No. 4:20cv01674 E.D. Mo. November 25, 2020; United States v. Credit Protection Association, LP, Case No. 3:16cv01255D N.D.
Tex. May 9, 2016; United States v. Consumer Portfolio Services, Inc., Case No. SACV1400819
C.D. Cal. May 28, 2014; United States v. Telecheck Services, Inc., Case No. 1:14cv00062 D.D.C.
January 16, 2014.
13 East Bay Community Law Center Comment 3, available at www.regulations.gov/comment/FTC2020-0072-0003. The Commission received two comments concerning consumer reporting agency activities unrelated to the Furnisher Rule. The comments are available at www.regulations.gov/
document/FTC-2020-0068-0001/comment.
14 15 U.S.C. 1681se1; 12 U.S.C. 5519.
12 See,
VerDate Sep<11>2014
15:31 Sep 16, 2021
Jkt 253001
The amendment to section 660.2 adds a definition of motor vehicle dealer that defines motor vehicle dealers as those entities excluded from CFPB
jurisdiction as described in the DoddFrank Act.15 The amendments also change the definition of identity theft by replacing the Rules reference to 16
CFR 603.2a, a provision of an FTC rule that has since been rescinded,16 with a reference to 12 CFR 1022.3h, the equivalent provision in the CFPBs rule.
The amendments make no other substantive changes to the Rule.
IV. Paperwork Reduction Act The Furnisher Rule contains information collection requirements as defined by 5 CFR 1320.3c, the definitional provision within the Office of Management and Budget OMB
regulations that implement the Paperwork Reduction Act PRA. 44
U.S.C. 3501 et seq. OMB has approved the Rules existing information collection requirements through July 31, 2022 OMB Control No. 30840144.
Under the existing clearance, the FTC
has attributed to itself the estimated burden regarding all motor vehicle dealers and then shares equally the remaining estimated PRA burden with the CFPB for other persons for which both agencies have enforcement authority regarding the Furnisher Rule.
The Final Rule amends 16 CFR part 660. The amendments do not modify or add to information collection requirements previously approved by OMB. The amendments narrow the scope to motor vehicle dealers. The Rules OMB clearance already reflects that change. Therefore, the Commission does not believe the amendments substantially or materially modify any collections of information as defined by the PRA.
V. Regulatory Flexibility Act The Regulatory Flexibility Act RFA, as amended by the Small Business Regulatory Enforcement Fairness Act of 1996, requires an agency to either provide an Initial Regulatory Flexibility Analysis IRFA with a proposed rule, or certify that the proposed rule will not have a significant impact on a substantial number of small entities.17 The Commission published an Initial Regulatory Flexibility Analysis in order to inquire into the impact of the proposed Rule on small 15 12
U.S.C. 5519.
FR 22200 April 13, 2012.
17 5 U.S.C. 603605.
entities.18 The Commission received no responsive comments.
The Commission does not believe these amendments have the threshold impact on small entities. The amendments effectuate changes to the Dodd-Frank Act and will not impose costs on small motor vehicle dealers because the amendments are for clarification purposes and will not result in any increased burden on any motor vehicle dealer. Thus, a small entity that complies with current law need not take any different or additional action under the Final Rule. Therefore, the Commission certifies that amending the Furnisher Rule will not have a significant economic impact on a substantial number of small businesses.
Although the Commission certifies under the RFA the Final Rule will not have a significant impact on a substantial number of small entities, and hereby provides notice of that certification to the Small Business Administration, the Commission nonetheless has determined that publishing a final regulatory flexibility analysis FRFA is appropriate to ensure the impact of the rule is fully addressed. Therefore, the Commission has prepared the following analysis:
A. Need for and Objectives of the Final Rule To address the Dodd-Frank Acts changes to the Commissions rulemaking authority, the amendments clarify that the Rule applies only to motor vehicle dealers.
B. Significant Issues Raised in Public Comments in Response to the IRFA
The Commission did not receive any comments that addressed the burden on small entities. In addition, the Commission did not receive any comments filed by the Chief Counsel for Advocacy of the Small Business Administration SBA.
C. Estimate of Number of Small Entities to Which the Final Rule Will Apply The Commission anticipates many covered motor vehicle dealers may qualify as small businesses according to the applicable SBA size standards. As explained in the IRFA, however, determining a precise estimate of the number of small entities is not readily feasible. No commenters addressed this issue. Nonetheless, as discussed above, these amendments do not add any additional burdens on any covered small businesses.
16 77
PO 00000
Frm 00040
Fmt 4700
Sfmt 4700
18 85
E:FRFM17SER1.SGM
FR 61659, 61661 Sept. 30, 2020.
17SER1
