To require rapid implementation of guidelines and regulations regarding the accuracy of consumer information furnished to consumer reporting agencies that were required to be established by the Fair and Accurate Credit Transactions Act of 2003 and have not been implemented, to provide that the Federal Trade Commission shall take the lead in implementation of the guidelines and regulations, and for other purposes.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``FACT Act Rulewriting Improvement Act 
of 2007''.

SEC. 2. RAPID IMPLEMENTATION OF REQUIREMENTS ESTABLISHED UNDER THE FAIR 
              AND ACCURATE CREDIT TRANSACTIONS ACT OF 2003.

    (a) Accuracy Guidelines for Furnishers of Information.--Section 
623(e) of the Fair Credit Reporting Act (15 U.S.C. 1681s-2(e)) is 
amended--
            (1) in paragraph (1), by striking ``Federal banking 
        agencies, the National Credit Union Administration, and the 
        Commission shall, with respect to the entities that are subject 
        to their respective enforcement authority under section 621, 
        and in coordination as described in paragraph (2)'' and 
        inserting ``the Commission, in consultation with the Federal 
        banking agencies and the National Credit Union Administration, 
        shall'';
            (2) by striking paragraph (2) and inserting the following 
        new paragraph:
            ``(2) Guidelines and regulations.--
                    ``(A) In general.--The Federal banking agencies and 
                the National Credit Union Administration shall 
                establish and maintain guidelines and prescribe 
                regulations, with respect to entities subject to their 
                respective enforcement authority under section 621, 
                that are the same or substantially similar to the 
                guidelines established and maintained by the Commission 
                under paragraph (1)(A) and the regulations prescribed 
                by the Commission under paragraph (1)(B).
                    ``(B) Report on discrepancies.--If there is any 
                discrepancy between any guideline established by, or 
                regulation prescribed by, the Commission under 
                paragraph (1) and any guideline established by, or 
                regulation prescribed by, any Federal banking agency or 
                the National Credit Union Administration, as the case 
                may be, under subparagraph (A), the agency or 
                Administration shall submit a report to the Committee 
                on Financial Services of the House of Representatives 
                and the Committee on Banking, Housing, and Urban 
                Affairs of the Senate containing an explanation for the 
                discrepancy before the end of the 90-day period 
                beginning on the date the guideline was established or 
                the regulation was prescribed in final form by such 
                agency or Administration.''; and
            (3) in paragraph (3), by striking ``in paragraph (1)'' and 
        inserting ``in paragraphs (1) and (2)''.
    (b) Ability of Consumer To Dispute Information Directly With 
Furnisher.--Section 623(a)(8) of the Fair Credit Reporting Act (15 
U.S.C. 1681s-2(a)(8)) is amended--
            (1) in subparagraph (A), by striking ``Federal banking 
        agencies, the National Credit Union Administration, and the 
        Commission shall jointly prescribe'' and inserting 
        ``Commission, in consultation with the Federal banking agencies 
        and the National Credit Union Administration, shall 
        prescribe'';
            (2) by adding at the end the following new subparagraph:
                    ``(H) Regulations.--
                            ``(i) In general.--The Federal banking 
                        agencies and the National Credit Union 
                        Administration shall prescribe regulations, 
                        with respect to entities subject to their 
                        respective enforcement authority under section 
                        621, that are the same or substantially similar 
                        to the regulations prescribed by the Commission 
                        under subparagraph (A).
                            ``(ii) Report on discrepancies.--If there 
                        is any discrepancy between any regulation 
                        prescribed by the Commission under subparagraph 
                        (A) and any regulation prescribed by any 
                        Federal banking agency or the National Credit 
                        Union Administration under clause (i), the 
                        agency or Administration shall submit a report 
                        to the Committee on Financial Services of the 
                        House of Representatives and the Committee on 
                        Banking, Housing, and Urban Affairs of the 
                        Senate containing an explanation for the 
                        discrepancy before the end of the 90-day period 
                        beginning on the date the regulation was 
                        prescribed in final form by such agency or 
                        Administration.''; and
            (3) in subparagraphs (B) and (C), by inserting ``or (H)'' 
        after ``under subparagraph (A)'', each place such term appears.
    (c) Prompt Implementation.--
            (1) Commission.--The guidelines required under section 
        623(e)(1)(A) of the Fair Credit Reporting Act and the 
        regulations required under subsections (a)(8)(A) and (e)(1)(B) 
        of section 623 of such Act (as amended by this section) shall 
        be established or prescribed in final form before the end of 
        the 90-day period beginning on the date of the enactment of 
        this Act.
            (2) Banking agencies and ncua.--The guidelines required 
        under section 623(e)(2) of the Fair Credit Reporting Act and 
        the regulations required under subsections (a)(8)(H) and (e)(2) 
        of section 623 of such Act (as amended by this section) shall 
        be established or prescribed in final form before the end of 
        the 30-day period beginning on the date of final action by the 
        Federal Trade Commission in accordance with paragraph (1).

Summary: FACT Act Rulewriting Improvement Act of 2007 - Amends the Fair Credit Reporting Act to confer responsibility upon the Federal Trade Commission (FTC) alone to establish accuracy guidelines and prescribe regulations : (1) for furnishers of information to consumer reporting agencies. And (2) about the circumstances under which such a furnisher shall be required to reinvestigate a dispute concerning the accuracy of information in a consumer report, based on a consumer's direct request. Directs the federal banking agencies and the National Credit Union Administration to establish guidelines and prescribe regulations within their respective jurisdictions that are the same or substantially similar to those prescribed by the FTC.