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Press Release
February 12, 2014

Federal Reserve seeks comment on repealing its Regulations DD and P
and amending Regulation V
For immediate release

The Federal Reserve Board on Wednesday requested comment on proposals to repeal its Regulation DD
(Truth in Savings) and Regulation P (Privacy of Consumer Financial Information) and to make amendments to
the Identity Theft Red Flags rule in Regulation V (Fair Credit Reporting).
Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) transferred
rulemaking authority for a number of consumer financial protection laws from the Board to the Bureau of
Consumer Financial Protection (CFPB), except with respect to certain motor vehicle dealers. Because the
CFPB has already issued interim final rules that are substantially identical to the Board's Regulation DD and
Regulation P, the Board is proposing to repeal its versions of those regulations.
The Board is also seeking comment on a proposed amendment to provisions of the Board's Regulation V that
require financial institutions and creditors to implement identity theft prevention programs. The proposal would
revise the rule to reflect legislation that amended the Fair Credit Reporting Act (FCRA) to clarify that these
provisions apply only to creditors that regularly extend credit or obtain consumer reports in the ordinary
course of their business. The amendments to the FCRA were intended to narrow the scope of the law so that
it would not be applied to professionals, such as doctors or lawyers, who sometimes allow consumers to
delay payment.
Comments on the proposals must be submitted within 60 days from the date of publication in the Federal
Register, which is expected shortly.
Truth in Savings (Regulation DD): Federal Register notice: HTML | PDF
Comments on Regulation DD proposal: Submit | View
Privacy of Consumer Information (Regulation P): Federal Register notice: HTML | PDF
Comments on Regulation P proposal: Submit

| View

Identity Theft Red Flags (Regulation V): Federal Register notice: HTML | PDF
Comments on Regulation V proposal: Submit
Board Votes
For media inquiries, call 202-452-2955.

Last Update: February 12, 2014

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