To All Depository Institutions and Others Concerned in the Second Federal Reserve District:
In a press release, the Federal Reserve Board requested comment on interim final rules and proposed rules to establish effective dates for certain provisions of the Fair and Accurate Transactions Act of 2003 (FACT Act) including provisions that preempt state laws that regulate areas governed by the Fair Credit Reporting Act (FCRA). These regulations are being issued jointly with the Federal Trade Commission (FTC).
The recently enacted FACT Act amends the FCRA and requires the Board and the FTC, within sixty days of enactment, to adopt final rules establishing the effective dates for provisions of the FACT Act that do not have a statutorily prescribed effective date. The agencies are jointly adopting interim final rules that establish December 31, 2003 as the effective date for the preemption provisions of the FACT Act as well as provisions authorizing the agencies to adopt rules or take other actions to implement the FACT Act.
The intention is to avoid delays that could undermine the purpose of these provisions and cause confusion about the applicability of some state laws in areas that the Congress has determined should be governed by uniform national standards. Adopting these rules will also preserve the current state of the law while comment is received.
The two agencies also are jointly proposing rules establishing a schedule of effective dates for other provisions of the FACT Act that do not contain such dates. Details on these proposed dates may be found in the attached press release.
Comments on the joint interim final rules and proposed rules are due by January 12, 2004. Details on submitting the comments are in the attached Federal Register notices.
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