Identity Theft Red Flags and Address Discrepancies under the FACT Act of 2003

Forms and Documents

Document Name	Status
NEW, Supporting Statement for Red Flags, 09-2006.doc Supporting Statement A	2006-09-20

IC Document Collections

IC ID	Document Title	Status
45355	Identity Theft Red Flags and Address Discrepancies under the FACT Act of 2003	New

ICR Details

OMB Control No: 3133-0175	ICR Reference No: 200711-3133-001
Status: Historical Active	Previous ICR Reference No: 200609-3133-001
Agency/Subagency: NCUA	Agency Tracking No:
Title: Identity Theft Red Flags and Address Discrepancies under the FACT Act of 2003
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 11/21/2007
	Date Received in OIRA: 11/21/2007
Terms of Clearance: "Preapproved" because the collection refers to a proposed rule. To ensure the expected opportunity to comment, in the future kindly submit such rule-related ICRs promptly after publication. Also be sure to include the line of business.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	11/30/2009	36 Months From Approved
Responses	5,245	0	0
Time Burden (Hours)	204,555	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: NCUA, along with the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of Thrift Supervision, and the Federal Trade Commission (the Agencies), are proposing regulations requiring credit unions to establish reasonable policies and procedures to address the risk of identity theft and to assess the validity of a request for a change of address under certain circumstances. The proposed regulation would require creation of an identity theft program and report to a board of directors at least annually on compliance with the proposed regulation. Issuers of credit and debit cards would be required to establish policies and procedures to assess the validity of a change of address request, including notification to the cardholder.

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Authorizing Statute(s): PL: Pub.L. 108 - 159 114 and 315 Name of Law: Fair and Accurate Credit Transactions Act of 2003
   US Code: 15 USC 1681 Name of Law: Fair Credit Reporting Act
  

Citations for New Statutory Requirements: US Code: 15 USC 1681 Name of Law: null
PL: Pub.L. 108 - 159 114 and 315 Name of Law: Fair and Accurate Credit Transactions Act of 2003

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3133-AC90	Final or interim final rulemaking	12 FR 717	11/09/2007

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	71 FR 40785	07/18/2006
30-day Notice:	Federal Register Citation:	Citation Date:
	71 FR 54689	09/18/2006
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Identity Theft Red Flags and Address Discrepancies under the FACT Act of 2003

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ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	5,245	0	0	5,245	0	0
Annual Time Burden (Hours)	204,555	0	0	204,555	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: The NCUA requests OMB approval for this new collection of information contained in the joint proposed rulemaking, to implement sections 114 and 315 of the Fair and Accurate Credit Transactions Act of 2003 (FACT Act), Pub. L. No. 108-159 (2003).

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? Uncollected

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Uncollected

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? Uncollected

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 09/25/2006

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