Now is the time for dealerships and finance companies to check their documents in connection with the Fair Credit Reporting Act.

Just before Memorial Day weekend, the Federal Trade Commission approved publication of a Federal Register notice announcing the rescission of several model forms and disclosures under FCRA.

Officials explained the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) transferred rulemaking authority under several portions of the FCRA to the Consumer Financial Protection Bureau. The FTC retained seven rules issued under the FCRA, as amended, that continue to apply to dealers.

The FTC has rescinded several of its Model Forms and Disclosures associated with rules and authorities transferred to the CFPB. The CFPB issued revisions to its FCRA model forms and disclosures in 2018, and the FTC’s forms are no longer necessary and may cause confusion.

As detailed in the Federal Register notice, the FTC said it is rescinding the following appendices of 16 CFR part 698: A, D, E, F, G and H.

In addition, the FTC is re-designating Appendix B (Model Forms for Risk-Based Pricing and Credit Score Disclosure Exception Notices) as Appendix A, and Appendix C (Model Forms for Affiliate Marketing Opt-Out Notices) as Appendix B.

The Federal Register notice contains a table cross-referencing the rescinded FTC forms with the corresponding CFPB form. The FTC also is making conforming amendments to update references in several Commission rules to the currently applicable forms issued under the FCRA.

The FTC vote to publish the Federal Register notice amending Commission Rule 698 was 5-0.

“The Federal Register notice has now been published and the amendments are in effect,” officials said.

That notice can be found online here.