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[Federal Register Volume 89, Number 230 (Friday, November 29, 2024)]
[Rules and Regulations]
[Pages 94599-94600]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-27695]

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CONSUMER FINANCIAL PROTECTION BUREAU

12 CFR Part 1022

Fair Credit Reporting Act Disclosures

AGENCY: Consumer Financial Protection Bureau.

ACTION: Final rule; official interpretation.

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SUMMARY: The Consumer Financial Protection Bureau (CFPB) is issuing 
this final rule amending an appendix for Regulation V, which implements 
the Fair Credit Reporting Act (FCRA). The CFPB is required to calculate 
annually the dollar amount of the maximum allowable charge for 
disclosures by a consumer reporting agency to a consumer pursuant to 
section 609 of the FCRA; this final rule establishes the maximum 
allowable charge for the 2025 calendar year.

DATES: This final rule is effective January 1, 2025.

FOR FURTHER INFORMATION CONTACT: George Karithanom, Regulatory 
Implementation & Guidance Program Analyst, Office of Regulations, at 
(202) 435-7700 or at: https://reginquiries.consumerfinance.gov. If you 
require this document in an alternative electronic format, please 
contact [email protected].

SUPPLEMENTARY INFORMATION: The CFPB is amending Appendix O to 
Regulation V, which implements the FCRA, to establish the maximum 
allowable charge for disclosures by a consumer reporting agency to a 
consumer for 2025. The maximum allowable charge will be $15.50 for 
2025.

I. Background

    Under section 609 of the FCRA, a consumer reporting agency must, 
upon a consumer's request, disclose to the consumer information in the 
consumer's file.\1\ Section 612(a) of the FCRA gives consumers the 
right to a free file disclosure upon request once every 12 months from 
the nationwide consumer reporting agencies and nationwide specialty 
consumer reporting agencies.\2\ Section 612 of the FCRA also gives 
consumers the right to a free file disclosure under certain other, 
specified circumstances.\3\ Where the consumer is not entitled to a 
free file disclosure, section 612(f)(1)(A) of the FCRA provides that a 
consumer reporting agency may impose a reasonable charge on a consumer 
for making a file disclosure. Section 612(f)(1)(A) of the FCRA provides 
that the charge for such a disclosure shall not exceed $8.00 and shall 
be indicated to the consumer before making the file disclosure.\4\
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    \1\ 15 U.S.C. 1681g.
    \2\ 15 U.S.C. 1681j(a).
    \3\ 15 U.S.C. 1681j(b)-(d). The maximum allowable charge 
announced by the CFPB does not apply to requests made under section 
612(a)-(d) of the FCRA. The charge does apply when a consumer who 
orders a file disclosure has already received a free annual file 
disclosure and does not otherwise qualify for an additional free 
file disclosure.
    \4\ 15 U.S.C. 1681j(f)(1)(A).
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    Section 612(f)(2) of the FCRA also states that the $8.00 maximum 
amount shall increase on January 1 of each year, based proportionally 
on changes in the Consumer Price Index, with fractional changes rounded 
to the nearest fifty cents.\5\ Such increases are based on the Consumer 
Price Index for All Urban Consumers (CPI-U), which is the most general 
Consumer Price Index and covers all urban consumers and all items.
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    \5\ 15 U.S.C. 1681j(f)(2).
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II. Adjustment

    For 2025, the ceiling on allowable charges under section 612(f) of 
the FCRA will be $15.50, an amount unchanged from 2024. The CFPB is 
using the $8.00 amount set forth in section 612(f)(1)(A)(i) of the FCRA 
as the baseline for its calculation of the increase in the ceiling on 
reasonable charges for certain disclosures made under section 609 of 
the FCRA. Since the effective date of section 612(a) was September 30, 
1997, the CFPB calculated the proportional increase in the CPI-U from 
September 1997 to September 2023. The CFPB then determined what 
modification, if any, from the original base of $8.00 should be made 
effective for 2025, given the requirement that fractional changes be 
rounded to the nearest fifty cents.

[[Page 94600]]

    Between September 1997 and September 2024, the CPI-U increased by 
95.596 percent from an index value of 161.2 in September 1997 to a 
value of 315.301 in September 2024.\6\ An increase of 95.596 percent in 
the $8.00 base figure would lead to a figure of $15.65. However, 
because the statute directs that the resulting figure be rounded to the 
nearest $0.50, the maximum allowable charge is $15.50. The CFPB 
therefore determines that the maximum allowable charge for the year 
2025 will remain $15.50.
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    \6\ The Bureau of Labor Statistics began reporting CPI-U with 
three decimal points instead of one decimal point in 2007.
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III. Procedural Requirements

A. Administrative Procedure Act

    Under the Administrative Procedure Act (APA), notice and 
opportunity for public comment are not required if the CFPB finds that 
notice and public comment are impracticable, unnecessary, or contrary 
to the public interest.\7\ Pursuant to this final rule, in Regulation 
V, Appendix O is amended to update the maximum allowable charge for 
2025 under section 612(f). The amendments in this final rule are 
technical and non-discretionary, as they merely apply the method 
previously established in Regulation V for determining adjustments to 
the thresholds. For these reasons, the CFPB has determined that 
publishing a notice of proposed rulemaking and providing opportunity 
for public comment are unnecessary. The amendments therefore are 
adopted in final form.
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    \7\ 5 U.S.C. 553(b)(B).
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B. Regulatory Flexibility Act

    The Regulatory Flexibility Act (RFA) does not apply to a rulemaking 
where a general notice of proposed rulemaking is not required.\8\ As 
noted previously, the CFPB has determined that it is unnecessary to 
publish a general notice of proposed rulemaking for this final rule. 
Accordingly, the RFA's requirement relating to an initial and final 
regulatory flexibility analysis does not apply.
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    \8\ 5 U.S.C. 603(a), 604(a).
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C. Paperwork Reduction Act

    The information collections contained in Regulation V, which 
implements the FCRA, are approved by the Office of Management and 
Budget under Control number 3170-0002. The current approval for this 
control number expires on October 31, 2025. In accordance with the 
Paperwork Reduction Act of 1995,\9\ the CFPB reviewed this final rule. 
The CFPB has determined that this rule does not create any new 
information collections or substantially revise any existing 
collections.
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    \9\ 44 U.S.C. 3506; 5 CFR part 1320.
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D. Congressional Review Act

    Pursuant to the Congressional Review Act (5 U.S.C. 801 et seq.), 
the CFPB will submit a report containing this rule and other required 
information to the United States Senate, the United States House of 
Representatives, and the Comptroller General of the United States prior 
to the rule taking effect. The Office of Information and Regulatory 
Affairs has designated this rule as not a ``major rule'' as defined by 
5 U.S.C. 804(2).

List of Subjects in 12 CFR Part 1022

    Banks, banking, Consumer protection, Credit unions, Holding 
companies, National banks, Privacy, Reporting and recordkeeping 
requirements, Savings associations.

Authority and Issuance

    For the reasons set forth in the preamble, the CFPB amends 
Regulation V, 12 CFR part 1022, as set forth below:

PART 1022--FAIR CREDIT REPORTING (REGULATION V)

0
1. The authority citation for part 1022 continues to read as follows:

    Authority:  12 U.S.C. 5512, 5581; 15 U.S.C. 1681a, 1681b, 1681c, 
1681c-1, 1681e, 1681g, 1681i, 1681j, 1681m, 1681s, 1681s-2, 1681s-3, 
and 1681t; Sec. 214, Pub. L. 108-159, 117 Stat. 1952.

0
2. Appendix O is revised to read as follows:

Appendix O to Part 1022--Reasonable Charges for Certain Disclosures

    Section 612(f) of the FCRA, 15 U.S.C. 1681j(f), directs the 
Bureau to increase the maximum allowable charge a consumer reporting 
agency may impose for making a disclosure to the consumer pursuant 
to section 609 of the FCRA, 15 U.S.C. 1681g, on January 1 of each 
year, based proportionally on changes in the Consumer Price Index, 
with fractional changes rounded to the nearest fifty cents. The 
Bureau will publish notice of the maximum allowable charge each year 
by amending this appendix. For calendar year 2025, the maximum 
allowable charge is $15.50. For historical purposes:
    For calendar year 2012, the maximum allowable disclosure charge 
was $11.50.
    2. For calendar year 2013, the maximum allowable disclosure 
charge was $11.50.
    3. For calendar year 2014, the maximum allowable disclosure 
charge was $11.50.
    4. For calendar year 2015, the maximum allowable disclosure 
charge was $12.00.
    5. For calendar year 2016, the maximum allowable disclosure 
charge was $12.00.
    6. For calendar year 2017, the maximum allowable disclosure 
charge was $12.00.
    7. For calendar year 2018, the maximum allowable disclosure 
charge was $12.00.
    8. For calendar year 2019, the maximum allowable disclosure 
charge was $12.50.
    9. For calendar year 2020, the maximum allowable disclosure 
charge was $12.50.
    10. For calendar year 2021, the maximum allowable disclosure 
charge was $13.00.
    11. For calendar year 2022, the maximum allowable disclosure 
charge was $13.50.
    12. For calendar year 2023, the maximum allowable disclosure 
charge was $14.50.
    13. For calendar year 2024, the maximum allowable disclosure 
charge was $15.50.
    14. For calendar year 2025, the maximum allowable disclosure 
charge is $15.50.

Brian Shearer,
Assistant Director, Office of Policy Planning and Strategy, Consumer 
Financial Protection Bureau.
[FR Doc. 2024-27695 Filed 11-27-24; 8:45 am]
BILLING CODE 4810-AM-P
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