The FCRA has been around since the 1970s, then it was revised in 2003 under the Fair and Accurate Credit Transaction Act (FACTA). The revisions, which unfolded over an eight-year period, resulted in substantial changes for all financial institutions. It’s still a bit of a jumble.

In order to understand the various provisions of the law today, research must include both the FCRA and FACTA and the Consumer Financial Protection Bureau’s (CFPB) Regulation V and the Federal Reserve Board’s (FRB) Regulation V. This program provides a review of each of these regulations as well as the EGRRCPA amendments. Although many of the provisions are new, program participants frequently comment that they never heard of some of the sections discussed. Ignorance of the law is not an acceptable excuse for violations! If any member of your staff is not familiar with the provisions listed below, they need this program.