The Red Flags Regulations (Under the Fair and Accurate Credit Transactions Act)

Forms and Documents

Document Name	Status
Red Flags '18 SS fin.pdf Supporting Statement A	2018-11-05

IC Document Collections

IC ID	Document Title	Status
190213	Address Discrepancies Rule: users of consumer rpts having to furnish to CRAs an address confirmation	Removed
190212	Address Discrepancies Rule: developing procedures to reconcile address discrepancies	Modified
190211	Card Issuers Rule: creating procedures to assess validity of address change	Modified
190210	Red Flags Rule: Low-risk entities avg. time to create & implement a streamlined written Program, prepare ann'l rpt, conduct training	Modified
190209	Red Flags Rule: High-risk entities avg time to create & implement a written Program, prepare ann'l rpt, conduct training	Modified

ICR Details

OMB Control No: 3084-0137	ICR Reference No: 201810-3084-001
Status: Active	Previous ICR Reference No: 201509-3084-001
Agency/Subagency: FTC	Agency Tracking No:
Title: The Red Flags Regulations (Under the Fair and Accurate Credit Transactions Act)
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: 12/13/2018
	Date Received in OIRA: 11/13/2018
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	12/31/2021	36 Months From Approved	12/31/2018
Responses	295,327	0	2,063,878
Time Burden (Hours)	1,385,290	0	2,296,864
Cost Burden (Dollars)	0	0	0

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Abstract: The Rule implements sections 114 and 315 of the Fair and Accurate Credit Transactions Act of 2003 ("FACT Act"), as amended by the Red Flags Program Clarification Act of 2010. These rules enhance the ability of consumers to resolve problems caused by identity theft and increase the accuracy of consumer reports.

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Authorizing Statute(s): PL: Pub.L. 108 - 159 114, 315 Name of Law: Fair and Accurate Credit Transactions Act
  

Citations for New Statutory Requirements: US Code: 15 USC 1681m(e)(4) Name of Law: Red Flag Program Clarification Act of 2010
PL: Pub.L. 111 - 203 1088 Name of Law: Dodd Frank Wall Street Reform and Consumer Protection Act,

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	83 FR 39096	08/08/2018
30-day Notice:	Federal Register Citation:	Citation Date:
	83 FR 56325	11/13/2018
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 4

IC Title	Form No.	Form Name
Address Discrepancies Rule: users of consumer rpts having to furnish to CRAs an address confirmation
Red Flags Rule: Low-risk entities avg. time to create & implement a streamlined written Program, prepare ann'l rpt, conduct training
Red Flags Rule: High-risk entities avg time to create & implement a written Program, prepare ann'l rpt, conduct training
Card Issuers Rule: creating procedures to assess validity of address change
Address Discrepancies Rule: developing procedures to reconcile address discrepancies

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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	295,327	2,063,878	0	0	-1,768,551	0
Annual Time Burden (Hours)	1,385,290	2,296,864	0	0	-911,574	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: The chief change is a corrective adjustment to the estimated population subject to section 315 of the FACT Act, which previously had been greatly overstated. The prior estimate failed to recognize that, pursuant to the Dodd-Frank Act, the FTC Address Discrepancy Rule covers only users of consumer reports that are motor vehicle dealers described in section 1029(a) of that Act and that are predominantly engaged in the sale and servicing of motor vehicles, the leasing and servicing of them, or both.

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Annual Cost to Federal Government: $65,516

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

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     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: 11/13/2018

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