Identity Theft Red Flags and
Address Discrepancies under the Fair and Accurate Credit
Transactions Act of 2003 (FACT Act)
Extension without change of a currently approved collection
No
Regular
06/07/2022
Requested
Previously Approved
36 Months From Approved
06/30/2022
1,172
1,187
130,342
132,007
0
0
Section 114 of the FACT Act amended
section 615 of the Fair Credit Reporting Act (FCRA) to require the
Agencies (OCC, FRB, FDIC, NCUA, and FTC) to issue jointly: •
Guidelines for financial institutions and creditors regarding
identity theft with respect to their account holders and customers
(in developing the guidelines, the Agencies are required to
identify patterns, practices, and specific forms of activity that
indicate the possible existence of identity theft. The guidelines
must be updated as often as necessary and cannot be inconsistent
with the policies and procedures required under section 326 of the
USA PATRIOT Act, 31 U.S.C. 5318(l).); • Regulations that require
each financial institution and each creditor to establish
reasonable policies and procedures for implementing the guidelines
to identify possible risks to account holders or customers or to
the safety and soundness of the institution or creditor; and •
Regulations generally requiring credit and debit card issuers to
assess the validity of change of address requests under certain
circumstances. Section 315 of the FACT Act amended section 605 of
the FCRA to require the Agencies to issue regulations providing
guidance regarding reasonable policies and procedures that a user
of consumer reports must employ when a user receives a notice of
address discrepancy from a consumer reporting agency (CRA). These
regulations were required to describe reasonable policies and
procedures for users of consumer reports to: • Enable a user to
form a reasonable belief that it knows the identity of the person
for whom it has obtained a consumer report; and • Reconcile the
address of the consumer with the CRA, if the user establishes a
continuing relationship with the consumer and regularly and in the
ordinary course of business furnishes information to the
CRA.
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.
1557-0237 Red Flags Supporting Statement 6-1-22.docx
Existing Respondents