Part 162 - Protection of Consumer Information under the Fair Credit Reporting Act

Forms and Documents

Document	Type	Status	Availability
4-4-13 Red Flag SUPPORTING STATEMENT FINAL 04 09 13 Amended 09 24 13.docx	Supporting Statement A	Uploaded 2013-09-24	Available

IC Document Collections

IC ID	Collection	Type	Status	Form
194902	Part 162 - Protection of Consumer Information under the Fair Credit Reporting Act		Modified

ICR Details

OMB Control No: 3038-0067	ICR Reference No: 201304-3038-003
Status: Historical Active	Previous ICR Reference No: 201107-3038-006
Agency/Subagency: CFTC	Agency Tracking No: Joint Red Flags Rule
Title: Part 162 - Protection of Consumer Information under the Fair Credit Reporting Act
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved with change	Conclusion Date: 09/25/2013
	Date Received in OIRA: 04/24/2013
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	09/30/2016	36 Months From Approved	12/31/2014
Responses	115,911	0	82,400
Time Burden (Hours)	405,689	0	288,400
Cost Burden (Dollars)	0	0	0

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Abstract: The CFTC and the SEC are jointly issuing final rules and guidelines to require certain regulated entities to establish programs to address risks of identity theft. Financial institutions and creditors, subject to the jurisdiction of each agency, must develop and implement ID teft prevention programs, and credit and debit card issuers must assess the validity of notifications of changes of addresses under certain circumstances.

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Authorizing Statute(s): PL: Pub.L. 111 - 203 124 Stat. 1376 (2010) Name of Law: Dodd-Frank Act
   US Code: 15 USC 1681s(b)(1); 1681W, 1681a(r)(5 Name of Law: FCRA-Identity Theft
   PL: Pub.L. 108 - 159 117 Stat. 1952, (2003) Name of Law: FACT Act
   US Code: 15 USC 6801 Name of Law: FCRA-ID Red Flag
   US Code: 31 USC 5318(l) Name of Law: FCRA-ID Verification
  

Citations for New Statutory Requirements: PL: Pub.L. 111 - 203 124 Stat. 1376 (2010) Name of Law: Dodd-Frank Wall Street Reform

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3038-AD14	Final or interim final rulemaking	78 FR 23638	04/19/2013

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	77 FR 13450	03/06/2012
30-day Notice:	Federal Register Citation:	Citation Date:
	78 FR 23638	04/19/2013
Did the Agency receive public comments on this ICR? Yes

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

IC Title	Form No.	Form Name
Part 162 - Protection of Consumer Information under the Fair Credit Reporting Act

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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	115,911	82,400	0	33,511	0	0
Annual Time Burden (Hours)	405,689	288,400	0	117,289	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 burden has increased due to the addition of new classes of registrants subject to the Commission's jurisdiction resulting from the Dodd-Frank Act.

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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]? Yes

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: 04/24/2013

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