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7/25/24, 11:15 AM FRB: Press Release--Final rules on disposal of consumer information derived from credit reports (Regulations H, K, V, and Y)--De… Joint Press Release Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation Office of the Comptroller of the Currency Office of Thrift Supervision For Immediate Release December 21, 2004 Agencies Announce Final Rules on Disposal of Consumer Information The federal bank and thrift regulatory agencies today announced interagency final rules to require financial institutions to adopt measures for properly disposing of consumer information derived from credit reports. Current law requires financial institutions to protect customer information by implementing information security programs. The final rules require institutions to make modest adjustments to their information security programs to include measures for the proper disposal of consumer information. They also add a new definition of "consumer information." The agencies' final rules implement section 216 of the Fair and Accurate Credit Transactions Act of 2003 (FACT Act) and include this new statutory requirement in the Interagency Guidelines Establishing Standards for Safeguarding Customer Information (retitled the Interagency Guidelines Establishing Standards for Information Security), which were adopted in 2001. The final rules will take effect on July 1, 2005. The Federal Register notice is attached. ### Attachment (368 KB PDF) Media Contacts: Federal Reserve Susan Stawick 202-452-2955 FDIC David Barr 202-898-6992 OCC OTS Dean DeBuck 202-874-5770 Erin Hickman 202-906-6677 2004 Banking and consumer regulatory policy Home | News and events Accessibility Last update: December 21, 2004 https://www.federalreserve.gov/boarddocs/press/bcreg/2004/20041221/default.htm 1/1