The Federal Reserve Board proposed several clarifications to the Fair Credit Reporting Act's disclosure requirements last week. The changes would affect when a bank must notify consumers of their rights under the act, including their ability to receive copies of their credit reports.

The proposal would require a bank to make the disclosure statements whenever it uses credit reports to make a loan decision. It would apply even if the bank relied upon a credit report that an affiliate acquired for a different transaction.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.