Regulation S-ID- Identity Theft Red Flags Rules

ICR 201304-3235-006

OMB: 3235-0692

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2013-06-26
IC Document Collections
IC ID
Document
Title
Status
201690
Modified
ICR Details
3235-0692 201304-3235-006
Historical Active 201203-3235-008
SEC IM-270-644
Regulation S-ID- Identity Theft Red Flags Rules
New collection (Request for a new OMB Control Number)   No
Regular
Approved with change 06/26/2013
Retrieve Notice of Action (NOA) 04/26/2013
  Inventory as of this Action Requested Previously Approved
06/30/2016 36 Months From Approved
11,007 0 0
95,272 0 0
0 0 0

Regulation S-ID, and the information collection it requires, is designed to better protect consumers from the risks of identity theft. The regulation requires entities that are subject to the Commission's jurisdiction to address identity theft in two ways. First, the rules and guidelines require financial institutions and creditors to develop and implement a written identity theft prevention program designed to detect, prevent, and mitigate identity theft in connection with certain existing accounts or the opening of new accounts. Second, the rules establish special requirements for any credit and debit card issuers that are subject to the Commission's jurisdiction, to assess the validity of notifications of changes of address under certain circumstances.

US Code: 15 USC 1681 Name of Law: Fair Credit Reporting Act
  
PL: Pub.L. 111 - 203 1088(a)(8) Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act

3235-AL26 Final or interim final rulemaking 78 FR 23638 04/19/2013

Yes

1
IC Title Form No. Form Name
Regulation S-ID

  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 11,007 0 11,007 0 0 0
Annual Time Burden (Hours) 95,272 0 95,272 0 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No
This request transfers a PRA burden from another agency to the SEC. The SEC is issuing rules and guidelines to implement new statutory provisions enacted by Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act. These provisions transfer identity theft and card issuer rulemaking responsibility and enforcement authority to the SEC with respect to entities under its jurisdiction. The rules and guidelines are substantially similar to those already adopted jointly by several agencies in 2007. SEC-regulated entities currently incur these burdens and will continue to do so regardless of whether the SEC adopts proposed Regulation S-ID.

No
No
No
Yes
No
Uncollected
Andrea Magovern 202 551-6784

  No

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:
 
 
 
 
 
 
 
    (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;
 
 
 
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.
04/26/2013


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