On May 19, 2008, the Board of Governors of the Federal Reserve and the Federal Trade Commission jointly issued proposed rules designed to implement the risk-based pricing provisions in section 311 of the Fair and Accurate Credit Transactions Act of 2003. See 73 Fed. Reg. 28,966.
The proposal included model forms that creditors could use to comply with the requirements of the proposed rules.
Mortgage Law Blog previously posted notice of the proposal.
The agencies have issued a technical correction to the proposal, stating:
Due to a technical error, the second page of Model form H-4 of the Board’s proposal and Model form B-4 of the Commission’s proposal, as published, erroneously included a row entitled “Key factors that adversely affected your credit score.” As discussed in the preamble to the proposed rules, the notice provided in connection with the credit score disclosure exception for non-mortgage credit is not required to include the key factors that affected the credit score (73 FR 28983). This document corrects this error by amending Model forms H-4 and B-4 to delete this row.
For a full copy of the Federal Register notice containing the correction, please click here.
Comments remain due August 18, 2008.