Much public attention has focused on two provisions of the new financial modernization law that amend the Fair Credit Reporting Act.

First, the reform law amends the credit reporting act to direct federal banking agencies - the Federal Reserve Board, Office of the Comptroller of the Currency, Office of Thrift Supervision, and Federal Deposit Insurance Corp. - to jointly issue "such regulations as necessary to carry out the purposes" of the credit reporting act. The joint regulations are to apply to all banks and thrifts regulated by these agencies. In addition, Fair Credit Reporting Act rules issued by the Fed will apply to all nonbank entities within a bank holding company.

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