General Procedures, Subpart H— Administration of the Fair Credit Reporting Act Part 1 of the Commission’s Procedures
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Title 16— COMMERCIAL PRACTICES Chapter I— Federal Trade Commission SUBCHAPTER A— PROCEDURES AND RULES OF PRACTICE PART 1— GENERAL PROCEDURES Subpart H— Administration of the Fair Credit Reporting Act Part 1 of the Commission’s Procedures and Rules of Practice is amended by adding a new Subpart H. The purpose of these rules is to set forth the Com mission's procedures for administration of the Fair Credit Reporting Act, which became effective April 25, 1971. These rules provide for informal staff guidance as well as the procedure for obtaining an advisory interpretation of a provision of the Act that will be rendered by the Commission itself.
Sec.
1.71 Administration.
1.72 Examination, counseling and staff advice.
1.73 Interpretations.
Auth o rity: The provisions of this Sub part H issued under 83 Stat. 1128, 15 U.S.C. 1681 et seq.
§ 1.71 Administration.
The general administration of the Fair Credit Reporting Act (title VI of the Consumer Credit Protection Act of 1968; enacted October 26, 1970; Public Law 91-508, 82 Stat. 146, 15 U.S.C. 1601 et seq.) is carried out by the Bureau of Con sumer Protection, Division of Special Projects. Any interested person may ob tain copies of the Act and these pro cedures and rules of practice upon re quest to the Secretary of the Commis sion, Washington, D.C. 20580. § 1.72 Examination, counseling and staff advice.
The Commission maintains a staff to carry out on-the-scene examination of records and procedures utilized to com ply with the Fair Credit Reporting Act and to carry out industry counseling. Re quests for staff interpretation of the Fair Credit Reporting Act should be directed to the Division of Special Proj ects, Bureau of Consumer Protection. Such interpretations represent informal .
FEDERAL REGISTER, V O L 36, NO. 100— SATURDAY, MAY 22, 1971
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RULES AND REGULATIONS staff opinion which is advisory in nature and is not binding upon the Commission as to any action it may take in the mat ter. Administrative action to effect cor rection of minor infractions on a volun tary basis is taken in those cases where such procedure is believed adequate to effect immediate compliance and protect the public interest.
§ 1.73 Interpretations.
(a) Nature and purpose. (1) The Com mission issues and causes to be published in the F ederal R egister interpretations of the provisions of the Fair Credit Re porting Act on its own initiative or pur suant to the application of any person when it appears to the Commission that guidance as to the legal requirements of the Act would be in the public interest and would serve to bring about more widespread and equitable observance of the Act.
(2) The interpretations are not sub stantive rules and do not have the force or effect of statutory provisions. They are guidelines intended as clarification of the Fair Credit Reporting Act, and, like industry grades, are advisory in nature. They represent the Commission’s view as to what a particular provision of the Fair Credit Reporting Act means for the guidance of the public in conducting its affairs in conformity with that Act, and they provide the basis for voluntary and simultaneous abandonment of un lawful practices by members of industry. Failure to comply with such interpreta tions may result in corrective action by the Commission under applicable statu tory provisions.
(b) Procedure. (1) Requests for Com mission interpretations should be sub mitted in writing to the Secretary of the Federal Trade Commission stating the nature of the interpretation requested and the reasons and justification there for. If the request is granted, as soon as practicable thereafter, the Commission will publish a notice in the F ederal R eg ist er setting forth the text of the pro posed interpretation. Comments, views, or objections, together with the grounds thprefor, concerning the proposed inter pretation may be submitted to the Sec retary of the Commission within thirty (30) days of public notice thereof. The proposed interpretation will automati cally become final after the expiration of sixty (60) days from the date of public notice thereof, unless upon consideration of written comments submitted as here inabove provided, the Commission de termines to rescind, revoke, modify, or withdraw the proposed interpretation, in which event notification of such de termination will be published in the F ed eral R egister.
(2) The issuance of such interpreta tions is within the discretion of the Commission and the Commission at any time may conduct such investigations and hold such conferences or hearings as it may deem appropriate. Any inter pretation issued pursuant to this chapter is without prejudice to the right of the Commission to reconsider the interpre tation, and where the public interest requires, to rescind, revoke, modify, or withdraw the interpretation, in which event notification of such action will be published in the F ederal R eg ister. (c) Applicability o f Interpretations. Interpretations issued pursuant to this subpart may cover all applications of a particular statutory provision, or they may be limited in application to a par ticular industry, as appropriate. Effective upon publication in the F ed eral R egister (5-22-71). By direction of the Commission dated May 11, 1971. .
Charles A. T qbin, Secretary.
[PR Doc.71-7165 Filed 5-21-71;8:47 am]