Page:United States Statutes at Large Volume 124.djvu/2138

 124 STAT. 2112 PUBLIC LAW 111–203—JULY 21, 2010 SEC. 1100F. USE OF CONSUMER REPORTS. Section 615 of the Fair Credit Reporting Act (15 U.S.C. 1681m) is amended— (1) in subsection (a)— (A) by redesignating paragraphs (2) and (3) as para- graphs (3) and (4), respectively; (B) by inserting after paragraph (1) the following: ‘‘(2) provide to the consumer written or electronic disclo- sure— ‘‘(A) of a numerical credit score as defined in section 609(f)(2)(A) used by such person in taking any adverse action based in whole or in part on any information in a consumer report; and ‘‘(B) of the information set forth in subparagraphs (B) through (E) of section 609(f)(1);’’; and (C) in paragraph (4) (as so redesignated), by striking ‘‘paragraph (2)’’ and inserting ‘‘paragraph (3)’’; and (2) in subsection (h)(5)— (A) in subparagraph (C), by striking ‘‘; and’’ and inserting a semicolon; (B) in subparagraph (D), by striking the period and inserting ‘‘; and’’; and (C) by inserting at the end the following: ‘‘(E) include a statement informing the consumer of— ‘‘(i) a numerical credit score as defined in section 609(f)(2)(A), used by such person in making the credit decision described in paragraph (1) based in whole or in part on any information in a consumer report; and ‘‘(ii) the information set forth in subparagraphs (B) through (E) of section 609(f)(1).’’. SEC. 1100G. SMALL BUSINESS FAIRNESS AND REGULATORY TRANS- PARENCY. (a) PANEL REQUIREMENT.—Section 609(d) of title 5, United States Code, is amended by striking ‘‘means the’’ and all that follows and inserting the following: ‘‘means— ‘‘(1) the Environmental Protection Agency; ‘‘(2) the Consumer Financial Protection Bureau of the Fed- eral Reserve System; and ‘‘(3) the Occupational Safety and Health Administration of the Department of Labor.’’. (b) INITIAL REGULATORY FLEXIBILITY ANALYSIS.—Section 603 of title 5, United States Code, is amended by adding at the end the following: ‘‘(d)(1) For a covered agency, as defined in section 609(d)(2), each initial regulatory flexibility analysis shall include a description of— ‘‘(A) any projected increase in the cost of credit for small entities; ‘‘(B) any significant alternatives to the proposed rule which accomplish the stated objectives of applicable statutes and which minimize any increase in the cost of credit for small entities; and ‘‘(C) advice and recommendations of representatives of small entities relating to issues described in subparagraphs (A) and (B) and subsection (b).