Identity Theft Red Flags and Address Discrepancies under the Fair and Accurate Credit Transactions Act of 2003

Forms and Documents

Document Name	Status
114_&_315[1].doc Supplementary Document	2007-11-20
Justification_for_Change_in_Supplementary_Documents[1].doc Justification for No Material/Nonsubstantive Change	2007-11-20
1550.0113.ss.Red Flags.doc Supporting Statement A	2007-11-20

IC Document Collections

IC ID	Document Title	Status
43922	Identity Theft Red Flags and Address Discrepancies under the Fair and Accurate Credit Transactions Act of 2003	Modified

ICR Details

OMB Control No: 1557-0305	ICR Reference No: 201107-1557-057
Status: Historical Active	Previous ICR Reference No: 200711-1550-002
Agency/Subagency: TREAS/OCC	Agency Tracking No:
Title: Identity Theft Red Flags and Address Discrepancies under the Fair and Accurate Credit Transactions Act of 2003
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 07/21/2011
	Date Received in OIRA: 07/21/2011
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	03/31/2014	36 Months From Approved
Responses	739	0	832
Time Burden (Hours)	11,824	0	34,112
Cost Burden (Dollars)	0	0	0

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Abstract: The OCC, FRB, FDIC, OTS, NCUA, and FTC (Agencies) has published a joint proposed rulemaking, which implements sections 114 and 315 of the Fair and Accurate Credit Transactions Act of 2003 (FACT Act). Pub.L. No. 108-159 (2003). Section 114 amends section 615 of the Fair Credit Reporting Act (FCRA) to require the Agencies to issue joint guidelines for financial institutions and creditors for identity theft concerning their accounts holders and customers. Section 315 requires the Agencies to issue regulations providing guidance regarding reasonable policies and procedures that a user of consumer reports may

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Authorizing Statute(s): PL: Pub.L. 108 - 159 315 Name of Law: FACT Act
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
1550-AC04	Final or interim final rulemaking	72 FR 217	11/09/2007

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	75 FR 67453	11/02/2010
30-day Notice:	Federal Register Citation:	Citation Date:
	75 FR 2197	01/12/2011
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 Fair and Accurate Credit Transactions 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	739	832	0	0	-93	0
Annual Time Burden (Hours)	11,824	34,112	0	0	-22,288	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

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

Burden Increase Due to:

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

Burden Reduction Due to:

Short Statement: OTS is citing a reduction in the inventory due to reduction in the number of respondents. The information collection is used to identify patterns, practices, and specific forms of activity that indicate the possible existence of identity theft. The policies and procedures address the risk of identity theft and assess the validity of requests for changes of address under certain circumstances.

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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]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

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: 01/12/2011

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