Cx4387 is primarily given pursuant to the provisions of 15 USCA § 1681s-2(a)(7) (West 2012) & 12 CFR § 1022.1(b)(2)(ii); it is based upon the Model B-1 Form found in 12 CFR Pt. 1022, App. B. It is required to be provided by a financial institution if it provides negative credit information about a customer to a credit reporting agency.
We will be updating the citations in this form to reflect the Consumer Financial Protection Bureau’s version of Regulation V, as well as to print the text of the notice in bold and in 12 point font, to make it more “clear and conspicuous.”
In addition, for loans secured by property in California, we will be including in Cx4387 the notice specified under Cal. Civ. Code § 1785.26(c)(2) (West 2012), which notice is substantially required under the same circumstances as for the Federal notice.
These changes will take effect on February 6, 2013. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.
January 29, 2013