source:
  type: regulation
  id: reg-v-1022.54
  authority: 12 CFR Part 1022 — Regulation V (Fair Credit Reporting Act, CFPB) § 1022.54 — Duties of users making
    written firm offers of credit or insurance based on information contained in consumer files
  description: '12 CFR Part 1022 — Regulation V (Fair Credit Reporting Act, CFPB), §1022.54 Duties of users making
    written firm offers of credit or insurance based on information contained in consumer files. Captured section-complete
    (all subsections verbatim).

    '
obligations:
- id: reg-v-1022.54-a
  canonical_id: reg-v-1022.54-a
  section: 12 CFR §1022.54(a)
  description: 'Duties of users making written firm offers of credit or insurance based on information contained
    in consumer files — (a): (a) Scope. This subpart applies to any person who uses a consumer report on any consumer
    in connection with any credit or insurance transaction that is not initiated by the consumer, and that is provided
    to that person under section 604(c)(1)(B) of the FCRA (15 U.S.C. 1681b(c)(1)(B)), except for a p…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  primary_source:
    tier: 1
    authority: 12 CFR Part 1022 — Regulation V (Fair Credit Reporting Act, CFPB) § 1022.54
    source_class: ecfr-xml
    source_url: https://www.ecfr.gov/current/title-12/chapter-X/subchapter-B/part-1022
    snapshot_id: e44b9e817eb33441
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:d460b5b854cab61004b7729ab03f56e05c67f5f2b3e822a2eac3180d4d44ce91
    paragraph_quote: (a) Scope. This subpart applies to any person who uses a consumer report on any consumer in
      connection with any credit or insurance transaction that is not initiated by the consumer, and that is provided
      to that person under section 604(c)(1)(B) of the FCRA (15 U.S.C. 1681b(c)(1)(B)), except for a person excluded
      from coverage of this part by section 1029 of the Consumer Financial Protection Act of 2010, title X of the
      Dodd-Frank Wall Street Reform and Consumer Protection Act, Public Law 111-203, 124 Stat. 137.
    drafter_attestation: Verbatim (whitespace-normalized) slice of §1022.54 subsection (a) from snapshot e44b9e817eb33441;
      substring-verified.
  judgment: false
- id: reg-v-1022.54-b
  canonical_id: reg-v-1022.54-b
  section: 12 CFR §1022.54(b)
  description: 'Duties of users making written firm offers of credit or insurance based on information contained
    in consumer files — (b): (b) Definitions. For purposes of this section and appendix D of this part, the following
    definitions apply: (1) Simple and easy to understand means:'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  primary_source:
    tier: 1
    authority: 12 CFR Part 1022 — Regulation V (Fair Credit Reporting Act, CFPB) § 1022.54
    source_class: ecfr-xml
    source_url: https://www.ecfr.gov/current/title-12/chapter-X/subchapter-B/part-1022
    snapshot_id: e44b9e817eb33441
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:d460b5b854cab61004b7729ab03f56e05c67f5f2b3e822a2eac3180d4d44ce91
    paragraph_quote: '(b) Definitions. For purposes of this section and appendix D of this part, the following definitions
      apply: (1) Simple and easy to understand means:'
    drafter_attestation: Verbatim (whitespace-normalized) slice of §1022.54 subsection (b) from snapshot e44b9e817eb33441;
      substring-verified.
  judgment: false
- id: reg-v-1022.54-i
  canonical_id: reg-v-1022.54-i
  section: 12 CFR §1022.54(i)
  description: 'Duties of users making written firm offers of credit or insurance based on information contained
    in consumer files — (i): (i) A layered format as described in paragraph (c) of this section; (ii) Plain language
    designed to be understood by ordinary consumers; and (iii) Use of clear and concise sentences, paragraphs, and
    sections. (iv) Examples. For purposes of this part, examples of factors to be considered in determini…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  primary_source:
    tier: 1
    authority: 12 CFR Part 1022 — Regulation V (Fair Credit Reporting Act, CFPB) § 1022.54
    source_class: ecfr-xml
    source_url: https://www.ecfr.gov/current/title-12/chapter-X/subchapter-B/part-1022
    snapshot_id: e44b9e817eb33441
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:d460b5b854cab61004b7729ab03f56e05c67f5f2b3e822a2eac3180d4d44ce91
    paragraph_quote: '(i) A layered format as described in paragraph (c) of this section; (ii) Plain language designed
      to be understood by ordinary consumers; and (iii) Use of clear and concise sentences, paragraphs, and sections.
      (iv) Examples. For purposes of this part, examples of factors to be considered in determining whether a statement
      is in plain language and uses clear and concise sentences, paragraphs, and sections include: (A) Use of short
      explanatory sentences; (B) Use of definite, concrete, everyday words; (C) Use of active voice; (D) Avoidance
      of multiple negatives; (E) Avoidance of legal and technical business terminology; (F) Avoidance of explanations
      that are imprecise and reasonably subject to different interpretations; and (G) Use of language that is not
      misleading. (2) Principal promotional document means the document designed to be seen first by the consumer,
      such as the cover letter.'
    drafter_attestation: Verbatim (whitespace-normalized) slice of §1022.54 subsection (i) from snapshot e44b9e817eb33441;
      substring-verified.
  judgment: false
- id: reg-v-1022.54-c
  canonical_id: reg-v-1022.54-c
  section: 12 CFR §1022.54(c)
  description: 'Duties of users making written firm offers of credit or insurance based on information contained
    in consumer files — (c): (c) Prescreen opt-out notice. Any person who uses a consumer report on any consumer
    in connection with any credit or insurance transaction that is not initiated by the consumer, and that is provided
    to that person under section 604(c)(1)(B) of the FCRA (15 U.S.C. 1681b(c)(1)(B)), shall, with each wr…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  primary_source:
    tier: 1
    authority: 12 CFR Part 1022 — Regulation V (Fair Credit Reporting Act, CFPB) § 1022.54
    source_class: ecfr-xml
    source_url: https://www.ecfr.gov/current/title-12/chapter-X/subchapter-B/part-1022
    snapshot_id: e44b9e817eb33441
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:d460b5b854cab61004b7729ab03f56e05c67f5f2b3e822a2eac3180d4d44ce91
    paragraph_quote: '(c) Prescreen opt-out notice. Any person who uses a consumer report on any consumer in connection
      with any credit or insurance transaction that is not initiated by the consumer, and that is provided to that
      person under section 604(c)(1)(B) of the FCRA (15 U.S.C. 1681b(c)(1)(B)), shall, with each written solicitation
      made to the consumer about the transaction, provide the consumer with the following statement, consisting
      of a short portion and a long portion, which shall be in the same language as the offer of credit or insurance:
      (1) Short notice. The short notice shall be a clear and conspicuous, and simple and easy to understand statement
      as follows:'
    drafter_attestation: Verbatim (whitespace-normalized) slice of §1022.54 subsection (c) from snapshot e44b9e817eb33441;
      substring-verified.
  judgment: false
- id: reg-v-1022.54-i
  canonical_id: reg-v-1022.54-i
  section: 12 CFR §1022.54(i)
  description: 'Duties of users making written firm offers of credit or insurance based on information contained
    in consumer files — (i): (i) Content. The short notice shall state that the consumer has the right to opt out
    of receiving prescreened solicitations, and shall provide the toll-free number the consumer can call to exercise
    that right. The short notice also shall direct the consumer to the existence and location of the long …'
  type: dont
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  primary_source:
    tier: 1
    authority: 12 CFR Part 1022 — Regulation V (Fair Credit Reporting Act, CFPB) § 1022.54
    source_class: ecfr-xml
    source_url: https://www.ecfr.gov/current/title-12/chapter-X/subchapter-B/part-1022
    snapshot_id: e44b9e817eb33441
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:d460b5b854cab61004b7729ab03f56e05c67f5f2b3e822a2eac3180d4d44ce91
    paragraph_quote: '(i) Content. The short notice shall state that the consumer has the right to opt out of receiving
      prescreened solicitations, and shall provide the toll-free number the consumer can call to exercise that right.
      The short notice also shall direct the consumer to the existence and location of the long notice, and shall
      state the heading for the long notice. The short notice shall not contain any other information. (ii) Form.
      The short notice shall be: (A) In a type size that is larger than the type size of the principal text on the
      same page, but in no event smaller than 12 point type, or if provided by electronic means, then reasonable
      steps shall be taken to ensure that the type size is larger than the type size of the principal text on the
      same page; (B) On the front side of the first page of the principal promotional document in the solicitation,
      or, if provided electronically, on the same page and in close proximity to the principal marketing message;
      (C) Located on the page and in a format so that the statement is distinct from other text, such as inside
      a border; and (D) In a type style that is distinct from the principal type style used on the same page, such
      as bolded, italicized, underlined, and/or in a color that contrasts with the color of the principal text on
      the page, if the solicitation is in more than one color. (2) Long notice. The long notice shall be a clear
      and conspicuous, and simple and easy to understand statement as follows:'
    drafter_attestation: Verbatim (whitespace-normalized) slice of §1022.54 subsection (i) from snapshot e44b9e817eb33441;
      substring-verified.
  judgment: false
- id: reg-v-1022.54-i
  canonical_id: reg-v-1022.54-i
  section: 12 CFR §1022.54(i)
  description: 'Duties of users making written firm offers of credit or insurance based on information contained
    in consumer files — (i): (i) Content. The long notice shall state the information required by section 615(d)
    of the Fair Credit Reporting Act (15 U.S.C. 1681m(d)). The long notice shall not include any other information
    that interferes with, detracts from, contradicts, or otherwise undermines the purpose of the notice. (ii)…'
  type: dont
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  primary_source:
    tier: 1
    authority: 12 CFR Part 1022 — Regulation V (Fair Credit Reporting Act, CFPB) § 1022.54
    source_class: ecfr-xml
    source_url: https://www.ecfr.gov/current/title-12/chapter-X/subchapter-B/part-1022
    snapshot_id: e44b9e817eb33441
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:d460b5b854cab61004b7729ab03f56e05c67f5f2b3e822a2eac3180d4d44ce91
    paragraph_quote: '(i) Content. The long notice shall state the information required by section 615(d) of the
      Fair Credit Reporting Act (15 U.S.C. 1681m(d)). The long notice shall not include any other information that
      interferes with, detracts from, contradicts, or otherwise undermines the purpose of the notice. (ii) Form.
      The long notice shall: (A) Appear in the solicitation; (B) Be in a type size that is no smaller than the type
      size of the principal text on the same page, and, for solicitations provided other than by electronic means,
      the type size shall in no event be smaller than 8 point type; (C) Begin with a heading in capital letters
      and underlined, and identifying the long notice as the &#x201C;PRESCREEN&OPT-OUT NOTICE;&#x201D; (D) Be in
      a type style that is distinct from the principal type style used on the same page, such as bolded, italicized,
      underlined, and/or in a color that contrasts with the color of the principal text on the page, if the solicitation
      is in more than one color; and (E) Be set apart from other text on the page, such as by including a blank
      line above and below the statement, and by indenting both the left and right margins from other text on the
      page.'
    drafter_attestation: Verbatim (whitespace-normalized) slice of §1022.54 subsection (i) from snapshot e44b9e817eb33441;
      substring-verified.
  judgment: false
