FACTA
CIPP/US glossary · Last reviewed: · By Victor Humenhuk (CIPP/US certified)
FACTA - Fair and Accurate Credit Transactions Act of 2003; amended the FCRA and preempted many state laws, but left employment credit-check laws and certain state laws in effect.
In the CIPP/US body of knowledge, FACTA comes up under Chapter 12: Workplace Privacy; Chapter 5: Federal and State Regulators and Enforcement of Privacy Law; Chapter 9: Financial Privacy.
FACTA in context
- Companies remain responsible for vendor actions and must use contract protections (confidentiality, no further use, subcontractor flow-down, breach notice, security, end-of-relationship data handling) and due diligence (reputation, finances, ==SOC 2==, disposal per ==FACTA Disposal Rule==). (Vendor and Third-Party Risk Assessments)
- Beyond Section 5 the FTC enforces ==COPPA== (children under 13, parental consent), shares ==HITECH== breach authority with HHS, has historic ==FCRA/FACTA== authority (now largely CFPB), and shares ==CAN-SPAM== with the FCC. (Additional FTC Authority: COPPA, HITECH, FCRA, CAN-SPAM)
- States also protect ==SSNs== and all 50 have ==identity theft laws==; FACTA preempted much credit-report law but left identity-theft authority. (State Breach Notification, SSN Protections, and Identity Theft Laws)
Where FACTA is covered in the CIPP/US study notes
- Additional FTC Authority: COPPA, HITECH, FCRA, CAN-SPAM
- Financial Privacy Landscape and Regulators
- FACTA Preemption and Stronger State Credit Laws
Related terms
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