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Can you summarize 12 CFR Part 222?
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM > FAIR CREDIT REPORTING (REGULATION V)
Short Summary
The provided legal document content pertains to the Fair Credit Reporting Act (FCRA) and its implementation by the Board of Governors of the Federal Reserve System. It governs the collection, dissemination, and use of consumer information, including credit reports. The regulations apply to persons that obtain and use consumer information for determining eligibility for products, services, or employment, sharing information among affiliates, and providing information to consumer reporting agencies. The regulations specifically apply to banks that are members of the Federal Reserve System (excluding national banks), their operating subsidiaries, branches and agencies of foreign banks, commercial lending companies owned or controlled by foreign banks, organizations operating under section 25 or 25A of the Federal Reserve Act, and bank holding companies and their affiliates. However, the regulations do not apply to affiliates of bank holding companies that are depository institutions regulated by another federal banking agency or to consumer reporting agencies. The document provides definitions for various terms used in the Fair Credit Reporting Act, such as ‘affiliate,’ ‘consumer,’ ‘company,’ ‘common ownership or common corporate control,’ ‘medical information,’ and ‘person.’ It clarifies that medical information includes physical, mental, or behavioral health information and information related to the provision and payment of health care. The term ‘person’ includes individuals, partnerships, corporations, trusts, estates, cooperatives, associations, and government agencies. The document does not mention specific exemptions or penalties.
Whom does it apply to?
Persons that obtain and use consumer information for determining eligibility for products, services, or employment, sharing information among affiliates, and providing information to consumer reporting agencies. Specifically applies to banks that are members of the Federal Reserve System (excluding national banks), their operating subsidiaries, branches and agencies of foreign banks, commercial lending companies owned or controlled by foreign banks, organizations operating under section 25 or 25A of the Federal Reserve Act, and bank holding companies and their affiliates.
What does it govern?
The Fair Credit Reporting Act (FCRA) and its implementation by the Board of Governors of the Federal Reserve System
What are exemptions?
Exemptions include affiliates of bank holding companies that are depository institutions regulated by another federal banking agency or consumer reporting agencies.
What are the Penalties?
No specific penalties mentioned.
Jurisdiction
U.S. Federal Government