Tag Archives: Fair and Accurate Credit Transactions Act

Seventh Circuit Limits FACTA Requirements for Truncating Credit Card Numbers on Printed Receipts

In Straaten v. Shell Oil Prods. Co. LLC, 678 F.3d 486 (7th Cir. Ill. 2012) the Seventh Circuit interpreted and clarified the Fair and Accurate Credit Transactions Act (FACTA), 15 USC § 1681c(g) requirement that an electronically printed receipt not display “more than the last 5 digits of the card numbers.” Neither the statute nor the … Continue reading this entry

Federal Reserve Board and FTC Amend Adverse Action and Risk-Based Pricing Notice Requirements

As mandated by Section 1100F of the Dodd-Frank Wall Street Reform and Consumer Protection Act, new final rules issued by the Federal Reserve Board and the Federal Trade Commission (FTC) require creditors to disclose credit scores and information about credit scores to applicants for credit in adverse action and risk-based pricing notices.  Creditors who use credit scores … Continue reading this entry

In Determining Class Certification In FACTA Case, Ninth Circuit Prohibits Courts From Considering The Potential For Disproportionate Damages

In Bateman v. American Multi-Cinema, Inc., — F.3d — (9th Cir. Sept. 27, 2010), a case involving claims under the Fair and Accurate Credit Transactions Act (FACTA), the Ninth Circuit held that the district court abused its discretion by denying class certification due to the potential for damages which are disproportionate to the actual injury … Continue reading this entry

Seventh Circuit Limits Scope of FACTA

On August 10, 2010, the Seventh Circuit in Shlahtichman v. 1-800 Contacts, Inc., held that the Fair and Accurate Credit Transactions Act of 2003’s (“FACTA”) prohibition from printing more than the last five digits of a credit card number or its expiration date on a receipt did not apply when the receipt was provided by … Continue reading this entry

The Federal Trade Commission Counters Credit Monitoring Ads - With Its Own Ads

Under the Fair and Accurate Credit Transactions Act (“FACTA”), consumers are entitled to one free credit report per year from each of the three national consumer credit reporting companies. Unless you live under a rock (or without television), you have undoubtedly seen the ubiquitous commercials run by freecreditreport.com that portray an unfortunate group of musicians … Continue reading this entry

FACTA Red Flag Rules Run Into More Hurdles

The Red Flags Rules hit two more hurdles recently. On October 29, 2009 the U.S. District Court for the District of Columbia granted summary judgment to the American Bar Association to set aside an extended enforcement policy of the controversial Red Flags Rule in the Fair and Accurate Credit Transactions Act (“FACTA”) as it would … Continue reading this entry