Comments requested on interim final rules to the Fair and Accurate Transactions Act of 2003.The Federal Reserve Board, on December 16, 2003, 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 pre·empt or pre-empt v. pre·empt·ed, pre·empt·ing, pre·empts v.tr. 1. To appropriate, seize, or take for oneself before others. See Synonyms at appropriate. 2. a. state laws that regulate areas governed by the Fair Credit Reporting Act The Fair Credit Reporting Act (FCRA) is legislation embodied in title VI of the Consumer Credit Protection Act (15 U.S.C.A. § 1681 et seq. [1968]), which was enacted by Congress in 1970 to ensure that reporting activities relating to various consumer transactions are conducted in a (FCRA FCRA Fair Credit Reporting Act (US) FCRA Foreign Contribution Regulation Act FCRA Federal Credit Reform Act FCRA Florida Civil Rights Act FCRA Florida Court Reporters Association FCRA Fabric Care Research Association ). These regulations are being issued jointly with the Federal Trade Commission (FTC FTC See Federal Trade Commission (FTC). ). The recently enacted FACT Act amends AMENDS. A satisfaction, given by a wrong doer to the party injured for a wrong committed. 1 Lilly's Reg. 81. 2. By statute 24 Geo. II. c. 44, in England, and by similar statutes in some of the United States, justices of the peace, upon being notified of an 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 pre·scribe v. pre·scribed, pre·scrib·ing, pre·scribes v.tr. 1. To set down as a rule or guide; enjoin. See Synonyms at dictate. 2. To order the use of (a medicine or other treatment). effective date. The agencies jointly adopted interim final rules that established December 31, 2003, as the effective date for the preemption preemption U.S. policy that allowed the first settlers, or squatters, on public land to buy the land they had improved. Since improved land, coveted by speculators, was often priced too high for squatters to buy at auction, temporary preemptive laws allowed them to acquire 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 current preemption provisions of the FCRA expired on January 1, 2004. Adopting these rules as interim final rules without advance public comment or delay was intended 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 would also have the effect of preserving the current state of the law while comment was received. The Board and the FTC also jointly proposed rules establishing a schedule of effective dates for other provisions of the FACT Act that do not contain effective dates. The joint proposed rules would establish March 31, 2004, as the effective date for provisions of the FACT Act that do not require significant changes to business procedures. With respect to other provisions that likely entail significant changes to business procedures, the joint proposed rules would make these provisions effective on December 1, 2004, to allow industry a reasonable time to establish systems to comply with the statute. Comments on the joint interim final rules and proposed rules were due January 12, 2004. |
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