Federal Register / Vol. 76, No. 143 / Tuesday, July 26, 2011 / Rules and Regulations 44463 

2 55 FR 18804 (May 4, 1990). The 1990 

Commentary followed a proposal published in 

August 1988. 53 FR 29696 (Aug. 8, 1988). It 

included eight interpretations that the Commission 

had issued in the 1970s (former 16 CFR 600.1 

through 600.8). 

3 16 CFR 600.2, citing 16 CFR 1.73. 

4Title II, Subtitle D, Chapter 1, of the Omnibus 

Consolidated Appropriations Act for Fiscal Year 

1997, Public Law 104–208 (Sept. 30, 1996). 

5Public Law 108–159 (Dec. 4, 2003). 

6 Id. 

7 During the seven years between the 1996 

Amendments and the FACT Act, there were a 

number of more modest revisions, the most 

significant of which was a 1999 amendment that 

specifically authorized the Board of Governors of 

the Federal Reserve System, Federal Deposit 

Insurance Corporation, Office of the Comptroller of 

the Currency, Office of Thrift Supervision, and 

National Credit Union Administration to 

promulgate regulations under the FCRA for the 

banks and other entities subject to their jurisdiction. 

Section 506 of the Gramm-Leach-Bliley Act (Pub. L. 

106–102 (Nov. 12, 1999); FCRA § 621(e)). 

8The Commission’s FACT Act rules are listed on 

the agency Web site at http://www.ftc.gov/os/ 

statutes/fcrajump.htm. 

9Title X, Public Law 111–203 (Dodd-Frank Wall 

Street Reform and Consumer Protection Act). 

1The Commission voted 3–2 to publish this 

notice, without changes, in the Federal Register. 

Chairman Inez M. Tenenbaum, Commissioners 

Thomas Moore and Robert Adler voted to publish 

the notice. Commissioners Nancy Nord and Anne 

Northup voted against publication of the notice. 

Chairman Tenenbaum and Commissioners Nord 

and Northup filed statements regarding the vote. 

The statements may be viewed at http:// 

www.cpsc.gov/pr/statements.html. 

Commentary’’).2 The 1990 Commentary 

provided broad guidance on the 

Commission’s interpretation of the 

provisions of the FCRA, but specified 

that the interpretations were not trade 

regulation rules or regulations and did 

not have the force or effect of statutory 

provisions.3

II. Basis for Removal of the 1990 

Commentary 

Since the publication of the 1990 

Commentary, the FCRA has been 

amended several times in the ensuing 

years. The two most extensive 

amendments were the Consumer Credit 

Reporting Reform Act of 1996 (the 

‘‘1996 amendments’’) 4 and the Fair and 

Accurate Credit Transactions Act of 

2003 (‘‘FACT Act’’).5

The 1996 Amendments expanded the 

duties of consumer reporting agencies 

(‘‘CRAs’’), and also increased the 

obligations of users of consumer reports, 

particularly employers. Most 

significantly, the 1996 Amendments 

imposed duties on a class of entities not 

previously treated by the FCRA— 

furnishers of information to CRAs—by 

including requirements related to 

accuracy and the handling of disputes 

by the entities that provided 

information to CRAs. 

In 2003, the FACT Act 6 further 

expanded the FCRA.7 It added several 

sections to assist consumers and 

businesses in combating identity theft 

and reducing the damage to consumers 

when that crime occurred, including 

granting consumers the right to request 

free annual reports from nationwide 

CRAs. The Commission, often in 

conjunction with the Federal financial 

agencies, issued numerous rules to 

implement the various FACT Act 

provisions.8

As a result of these significant 

changes in the FCRA, as well as the 

passage of time, the 1990 Commentary 

has become partially obsolete. 

In addition, on July 21, 2010, 

President Obama signed into law the 

Consumer Financial Protection Act of 

2010 (‘‘CFPA’’).9 Under the CFPA, much 

of the authority of the Commission and 

the Federal financial agencies to publish 

rules, regulations, or guidelines under 

the FCRA transfers to the CFPB. 

Although the CFPA provides for the 

transfer of existing regulations and 

guidelines to the CFPB, the Commission 

does not believe that it is appropriate to 

transfer the Commentary given its 

staleness. Indeed, in some respects, the 

Commentary is in conflict with the law 

as it has been amended. Accordingly, 

the Commission is rescinding 16 CFR 

600.1, 600.2, and the Appendix to Part 

600—Commentary on the Fair Credit 

Reporting Act. 

Under 5 U.S.C. 553(b)(A), the 

requirement to provide prior notice and 

an opportunity for public comment does 

not apply to interpretative rules, general 

statements of policy, or rules of agency 

organization, procedure, or practice. 

Further, under 5 U.S.C. 553(d)(2), the 

rescission may take effect immediately 

upon publication of this document in 

the Federal Register. Accordingly, the 

Commission rescinds 16 CFR 600.1, 

600.2, and the Appendix to Part 600— 

Commentary on the Fair Credit 

Reporting Act, effective immediately. 

III. Regulatory Flexibility Act 

Because these statements of general 

policy and interpretations are not 

‘‘rules’’ subject to the Regulatory 

Flexibility Act, see 5 U.S.C. 601(2), the 

Commission is not required to publish 

any initial or final regulatory flexibility 

analysis under the Regulatory 

Flexibility Act as part of such action. 

See 5 U.S.C. 603(a), 604(b). 

List of Subjects in 16 CFR Part 600 

Credit, Trade practices. 

■ Accordingly, for the reasons set forth 

above, under the authority of 16 U.S.C. 

1681s, the Commission amends Title 16, 

Chapter I, Code of Federal Regulations, 

by removing and reserving part 600. 

By direction of the Commission. 

Donald S. Clark, 

Secretary. 

[FR Doc. 2011–18688 Filed 7–25–11; 8:45 am] 

BILLING CODE 6750–01–P 

CONSUMER PRODUCT SAFETY 

COMMISSION 

16 CFR Part 1500 

[Docket No. CPSC–2010–0080] 

Children’s Products Containing Lead; 

Technological Feasibility of 100 ppm 

for Lead Content; Notice of Effective 

Date of 100 ppm Lead Content Limit in 

Children’s Products 

AGENCY: U.S. Consumer Product Safety 

Commission 

ACTION: Notice of statutory requirement. 

SUMMARY: Section 101(a) of the 

Consumer Product Safety Improvement 

Act (‘‘CPSIA’’) provides that, as of 

August 14, 2011, children’s products 

may not contain more than 100 parts per 

million (‘‘ppm’’) of lead unless the 

Consumer Product Safety Commission 

(‘‘CPSC,’’ ‘‘Commission,’’ or ‘‘we’’) 

determines that such a limit is not 

technologically feasible. The 

determination can only be made after 

notice and a hearing and after analyzing 

the public health protections associated 

with substantially reducing lead in 

children’s products. On February 16, 

2011, we conducted a public hearing to 

receive views from all interested parties 

about the technological feasibility of 

meeting the 100 ppm lead content limit 

for children’s products and associated 

public health considerations. Through 

this document, we announce that 

children’s products must meet the 

statutory 100 ppm lead content limit on 

August 14, 2011, unless otherwise 

excluded under CPSC regulations.1

DATES: The 100 ppm lead content limit 

for children’s products is effective on 

August 14, 2011. 

FOR FURTHER INFORMATION CONTACT: 

Dominique Williams, Directorate for 

Health Sciences, Consumer Product 

Safety Commission, Bethesda, MD 

20814; telephone: (301) 504–7597; email: dwilliams@cpsc.gov. 

SUPPLEMENTARY INFORMATION: 


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44464 Federal Register / Vol. 76, No. 143 / Tuesday, July 26, 2011 / Rules and Regulations 

1See 75 FR 67277 (Nov. 2, 2010). 

2Commission regulations referred to herein are 

found at 17 CFR Ch. 1. 

I. Background 

Section 101(a)(2)(C) of the CPSIA (15 

U.S.C. 1278a(a)(2)(C)) provides that, as 

of August 14, 2011, children’s products 

may not contain more than 100 ppm of 

lead unless the Commission determines 

that such a limit is not technologically 

feasible. The Commission may make 

this determination only after notice and 

a hearing and after analyzing the public 

health protections associated with 

substantially reducing lead in children’s 

products. Section 101(d) of the CPSIA 

(15 U.S.C 1278a(d)) provides that a lead 

limit shall be deemed technologically 

feasible with regard to a product or 

product category if: 

(1) A product that complies with the 

limit is commercially available in the 

product category; 

(2) technology to comply with the 

limit is commercially available to 

manufacturers or is otherwise available 

within the common meaning of the 

term; 

(3) industrial strategies or devices 

have been developed that are capable or 

will be capable of achieving such a limit 

by the effective date of the limit and that 

companies, acting in good faith, are 

generally capable of adopting; or 

(4) alternative practices, best 

practices, or other operational changes 

would allow the manufacturer to 

comply with the limit. 

On July 27, 2010, we published a 

notice in the Federal Register (75 FR 

43942), requesting comment and 

seeking information concerning the 

technological feasibility of meeting the 

100 ppm lead content limit for 

children’s products that are not 

otherwise excluded from the lead 

content limits under 16 CFR 1500.87 

through 1500.91. After initial 

consideration of the comments and 

information received in response to the 

July 27, 2010 notice, we published a 

notice in the Federal Register (76 FR 

4641) on January 26, 2011, announcing 

that we would be conducting a public 

hearing to receive views from all 

interested parties about the 

technological feasibility of meeting the 

100 ppm lead content limit for 

children’s products and associated 

public health considerations. The 

hearing was held on February 16, 2011. 

On March 9, 2011, we published 

another notice in the Federal Register 

(76 FR 12944), reopening the hearing 

record to allow hearing participants to 

submit relevant studies and 

supplementary data in response to 

additional questions from certain 

Commissioners. 

Participants who submitted comments 

and hearing testimony regarding the 

technological feasibility of meeting the 

100 ppm lead content limit and 

associated public health considerations 

included consumers, consumer groups, 

manufacturers, retailers, associations, 

and laboratories. Comments submitted 

in this proceeding are available at 

http://www.regulations.gov, under 

Docket No. CPSC–2010–0080. The video 

webcast of the hearing, as well as the 

presentations and written comments 

from the hearing, are available at the 

CPSC web site: http://www.cpsc.gov/ 

webcast/previous.html. A transcript of 

the hearing and supplemental 

information provided by hearing 

participants are also available at http:// 

www.regulations.gov, docket CPSC– 

2010–0080. 

II. Technological Feasibility of 100 ppm 

We evaluated the technological 

feasibility of the 100 ppm lead content 

limit for children’s products based on 

available technical information, written 

public comments, public hearing oral 

comments, and other available 

information. CPSC staff’s analysis 

regarding the technological feasibility of 

materials and products to meet the 100 

ppm lead content limit is contained in 

the staff briefing package available on 

the CPSC Web site at: http:// 

www.cpsc.gov/library/foia/foia11/brief/ 

lead100tech.pdf and http:// 

www.cpsc.gov/library/foia/foia11/brief/ 

100ppmlead.pdf. We evaluated the 

technological feasibility of meeting the 

100 ppm lead content limit in materials 

such as plastics, glass, and metals; 

reviewed the economic impacts of 

reducing the lead content limit from 300 

ppm to 100 ppm; and considered the 

public comments received in this 

proceeding, including comments on 

public health protectiveness, economic 

burdens, availability of compliant 

materials, and variability in test results. 

Based upon this analysis, the staff could 

not recommend that the Commission 

make a determination that it is not 

technologically feasible for a product or 

product category to meet the 100 ppm 

lead content limit for children’s 

products under section 101(d) of the 

CPSIA. No such determination has been 

made by the Commission. Therefore, all 

children’s products sold, offered for 

sale, manufactured for sale, distributed 

in commerce, or imported for sale in the 

United States must meet the 100 ppm 

lead content limit beginning August 14, 

2011 as statutorily mandated by the 

CPSIA unless otherwise excluded under 

16 CFR 1500.87 through 1500.91. With 

respect to bicycles and related products 

and youth motorized recreational 

vehicles, a stay of enforcement 

regarding the lead content in certain 

parts, including metal components, is 

currently in effect until December 31, 

2011 (76 FR 6765). 

Dated: July 18, 2011. 

Todd A. Stevenson, 

Secretary, Consumer Product Safety 

Commission. 

[FR Doc. 2011–18510 Filed 7–25–11; 8:45 am] 

BILLING CODE 6355–01–P 

COMMODITY FUTURES TRADING 

COMMISSION 

17 CFR Parts 39 and 140 

RIN 3038–AD00 

Process for Review of Swaps for 

Mandatory Clearing 

AGENCY: Commodity Futures Trading 

Commission. 

ACTION: Final rule. 

SUMMARY: The Commodity Futures 

Trading Commission (Commission or 

CFTC) is adopting regulations to 

implement certain provisions of the 

Dodd-Frank Wall Street Reform and 

Consumer Protection Act (Dodd-Frank 

Act). These regulations establish the 

process by which the Commission will 

review swaps to determine whether the 

swaps are required to be cleared. 

DATES: Effective September 26, 2011. 

FOR FURTHER INFORMATION CONTACT: 

Eileen A. Donovan, Special Counsel, 

202–418–5096, edonovan@cftc.gov, 

Division of Clearing and Intermediary 

Oversight, Commodity Futures Trading 

Commission, Three Lafayette Centre, 

1155 21st Street, NW., Washington, DC 

20581. 

SUPPLEMENTARY INFORMATION: 

I. Background 

On November 2, 2010, the 

Commission published proposed 

regulations to implement certain 

provisions of the Dodd-Frank Act 

regarding the mandatory clearing of 

swaps.1 The Commission is hereby 

adopting Regulation 39.5 2 to establish 

procedures for: (1) Determining the 

eligibility of a DCO to clear swaps; (2) 

the submission of swaps by a DCO to 

the Commission for a mandatory 

clearing determination; (3) Commissioninitiated reviews of swaps; and (4) 

staying a clearing requirement. 

Section 723(a)(3) of the Dodd-Frank 

Act provides that ‘‘it shall be unlawful 

for any person to engage in a swap 

unless that person submits such swap 


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