Fair Credit Reporting Act Disclosures

<RULE> CONSUMER FINANCIAL PROTECTION BUREAU <CFR>12 CFR Part 1022</CFR> <SUBJECT>Fair Credit Reporting Act Disclosures</SUBJECT> <HD SOURCE="HED">AGENCY:</HD> Consumer Financial Protection Bureau. <HD SOURCE="HED">ACTION:</HD> Final rule; official interpretation. <SUM> <HD SOURCE="HED">SUMMARY:</HD> The Consumer Financial Protection Bureau (Bureau) is issuing this final rule amending an appendix for Regulation V, which implements the Fair Credit Reporting Act (FCRA). The Bureau is required to calculate annually the dollar amount of the maximum allowable charge for disclosures by a consumer reporting agency to a consumer pursuant to section 609 of the FCRA; this final rule establishes the maximum allowable charge for the 2026 calendar year. </SUM> <EFFDATE> <HD SOURCE="HED">DATES:</HD> This final rule is effective January 1, 2026. </EFFDATE> <FURINF> <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD> Dave Gettler, Paralegal Specialist, Office of Regulations, at (202) 435-7700 or at: <E T="03">https://reginquiries.consumerfinance.gov</E> . If you require this document in an alternative electronic format, please contact <E T="03">CFPB_Accessibility@cfpb.gov</E> . </FURINF> <SUPLINF> <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD> The Bureau is amending appendix O to Regulation V, which implements the FCRA, to establish the maximum allowable charge for disclosures by a consumer reporting agency to a consumer for 2026. The maximum allowable charge will be $16.00 for 2026. <HD SOURCE="HD1">I. Background</HD> Under section 609 of the FCRA, a consumer reporting agency must, upon a consumer's request, disclose to the consumer information in the consumer's file. <SU>1</SU> <FTREF/> Section 612(a) of the FCRA gives consumers the right to a free file disclosure upon request once every 12 months from the nationwide consumer reporting agencies and nationwide specialty consumer reporting agencies. <SU>2</SU> <FTREF/> Section 612 of the FCRA also gives consumers the right to a free file disclosure under certain other, specified circumstances. <SU>3</SU> <FTREF/> Where the consumer is not entitled to a free file disclosure, section 612(f)(1)(A) of the FCRA provides that a consumer reporting agency may impose a reasonable charge on a consumer for making a file disclosure. Section 612(f)(1)(A) of the FCRA provides that the charge for such a disclosure shall not exceed $8.00 and shall be indicated to the consumer before making the file disclosure. <SU>4</SU> <FTREF/> <FTNT> <SU>1</SU>  15 U.S.C. 1681g. </FTNT> <FTNT> <SU>2</SU>  15 U.S.C. 1681j(a). </FTNT> <FTNT> <SU>3</SU>  15 U.S.C. 1681j(b)-(d). The maximum allowable charge announced by the Bureau does not apply to requests made under section 612(a)-(d) of the FCRA. The charge does apply when a consumer who orders a file disclosure has already received a free annual file disclosure and does not otherwise qualify for an additional free file disclosure. </FTNT> <FTNT> <SU>4</SU>  15 U.S.C. 1681j(f)(1)(A). </FTNT> Section 612(f)(2) of the FCRA also states that the $8.00 maximum amount shall increase on January 1 of each year, based proportionally on changes in the Consumer Price Index, with fractional changes rounded to the nearest fifty cents. <SU>5</SU> <FTREF/> Such increases are based on the Consumer Price Index for All Urban Consumers (CPI-U), which is the most general Consumer Price Index and covers all urban consumers and all items. <FTNT> <SU>5</SU>  15 U.S.C. 1681j(f)(2). </FTNT> <HD SOURCE="HD1">II. Adjustment</HD> For 2026, the ceiling on allowable charges under section 612(f) of the FCRA will be $16.00, an increase of $0.50 from 2025. The Bureau is using the $8.00 amount set forth in section 612(f)(1)(A)(i) of the FCRA as the baseline for its calculation of the increase in the ceiling on reasonable charges for certain disclosures made under section 609 of the FCRA. Since the effective date of section 612(a) was September 30, 1997, the Bureau calculated the proportional increase in the CPI-U from September 1997 to September 2025. The Bureau then determined what modification, if any, from the original base of $8.00 should be made effective for 2026, given the requirement that fractional changes be rounded to the nearest fifty cents. Between September 1997 and September 2025, the CPI-U increased by 101.489 percent from an index value of 161.2 in September 1997 to a value of 324.800 in September 2025. <SU>6</SU> <FTREF/> An increase of 101.489 percent in the $8.00 base figure would lead to a figure of $16.12. However, because the statute directs that the resulting figure be rounded to the nearest $0.50, the maximum allowable charge is $16.00. The Bureau therefore determines that the maximum allowable charge for the year 2026 will increase to $16.00. <FTNT> <SU>6</SU>  The Bureau of Labor Statistics began reporting CPI-U with three decimal points instead of one decimal point in 2007. </FTNT> <HD SOURCE="HD1">III. Procedural Requirements</HD> <HD SOURCE="HD2">A. Administrative Procedure Act</HD> Under the Administrative Procedure Act (APA), notice and opportunity for public comment are not required if the Bureau finds that notice and public comment are impracticable, unnecessary, or contrary to the public interest. <SU>7</SU> <FTREF/> Pursuant to this final rule, in Regulation V, appendix O is amended to update the maximum allowable charge for 2026 under section 612(f). The amendment in this final rule is technical and non-discretionary, as it merely applies the method previously established in Regulation V for determining adjustments to the thresholds. For these reasons, the Bureau has determined that publishing a notice of proposed rulemaking and providing opportunity for public comment are unnecessary. The amendment therefore is adopted in final form. <FTNT> <SU>7</SU>  5 U.S.C. 553(b)(B). </FTNT> Section 553(d) of the APA generally requires publication of a final rule not less than 30 days before its effective date, except in the case of (1) a substantive rule which grants or recognizes an exemption or relieves a restriction; (2) interpretive rules and statements of policy; or (3) as otherwise provided by the agency for good cause found and published with the rule. <SU>8</SU> <FTREF/> At a minimum, the Bureau has determined that the amendment falls under the third exception to section 553(d). The Bureau finds that there is good cause to make the amendment effective on January 1, 2026. The amendment in this final rule is technical and non-discretionary, and it applies the method previously established in the agency's regulations for determining adjustments to the threshold. <FTNT> <SU>8</SU>  5 U.S.C. 553(d). </FTNT> <HD SOURCE="HD2">B. Regulatory Flexibility Act</HD> The Regulatory Flexibility Act (RFA) does not apply to a rulemaking where a general notice of proposed rulemaking is not required. <SU>9</SU> <FTREF/> As noted previously, the Bureau has determined that it is unnecessary to publish a general notice of proposed rulemaking for this final rule. Accordingly, the RFA's requirement relating to an initial and final regulatory flexibility analysis does not apply. <FTNT> <SU>9</SU>  5 U.S.C. 603(a), 604(a). </FTNT> <HD SOURCE="HD2">C. Paperwork Reduction Act</HD> The information collections contained in Regulation V, which implements the FCRA, are approved by the Office of Management and Budget under Control number 3170-0002. In accordance with the Paperwork Reduction Act of 1995, <SU>10</SU> <FTREF/> the Bureau reviewed this final rule. The Bureau has determined that this rule does not create any new information collections or substantially revise any existing collections. <FTNT> <SU>10</SU>  44 U.S.C. 3506; 5 CFR part 1320. </FTNT> <HD SOURCE="HD2">D. Executive Order 12866</HD> The Office of Information and Regulatory Affairs within the Office of Management and Budget (OMB) has determined that this action is not a “significant regulatory action” under Executive Order 12866, as amended. <HD SOURCE="HD2">E. Congressional Review Act</HD> Pursuant to the Congressional Review Act (5 U.S.C. 801 <E T="03">et seq.</E> ), the Bureau will submit a report containing this rule and other required information to the United States Senate, the United States House of Representatives, and the Comptroller General of the United States prior to the rule taking effect. The Office of Information and Regulatory Affairs has designated this rule as not a “major rule” as defined by 5 U.S.C. 804(2). <LSTSUB> <HD SOURCE="HED">List of Subjects in 12 CFR Part 1022</HD> Banks, Banking, Consumer protection, Credit unions, Holding companies, National banks, Privacy, Reporting and recordkeeping requirements, Savings associations. </LSTSUB> <HD SOURCE="HD1">Authority and Issuance</HD> For the reasons set forth in the preamble, the Bureau amends Regulation V, 12 CFR part 1022, as set forth below: <HD SOURCE="HED">PART 1022—FAIR CREDIT REPORTING (REGULATION V)</HD> <REGTEXT TITLE="12" PART="1022"> 1. The authority citation for part 1022 continues to read as follows: <HD SOURCE="HED">Authority:</HD> 12 U.S.C. 5512, 5581; 15 U.S.C. 1681a, 1681b, 1681c, 1681c-1, 1681c-3, 1681e, 1681g, 1681i, 1681j, 1681m, 1681s, 1681s-2, 1681s-3, and 1681t; Sec. 214, Pub. L. 108-159, 117 Stat. 1952. </REGTEXT> <REGTEXT TITLE="12" PART="1022"> 2. Appendix O is revised to read as follows: <HD SOURCE="HD1">Appendix O to Part 1022—Reasonable Charges for Certain Disclosures</HD> <EXTRACT> Section 612(f) of the FCRA, 15 U.S.C. 1681j(f), directs the Bureau to increase the maximum allowable charge a consumer reporting agency may impose for making a disclosure to the consumer pursuant to section 609 of the FCRA, 15 U.S.C. 1681g, on January 1 of each year, based proportionally on c ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━ Preview showing 10k of 12k characters. 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