Notice2022-06549
Agency Information Collection Activities: Information Collection Renewal; Request for Comment; Identity Theft Red Flags and Address Discrepancies Under the Fair and Accurate Credit Transactions Act of 2003
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
March 29, 2022
Issuing agencies
Treasury DepartmentComptroller of the Currency
Abstract
The OCC, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on a continuing information collection as required by the Paperwork Reduction Act of 1995 (PRA). An agency may not conduct or sponsor, and a respondent is not required to respond to, an information collection unless it displays a currently valid OMB control number. The OCC is soliciting comment concerning the renewal of its information collection titled, "Identity Theft Red Flags and Address Discrepancies under the Fair and Accurate Credit Transactions Act of 2003."
Full Text
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<title>Federal Register, Volume 87 Issue 60 (Tuesday, March 29, 2022)</title>
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[Federal Register Volume 87, Number 60 (Tuesday, March 29, 2022)]
[Notices]
[Pages 18071-18072]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-06549]
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DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
Agency Information Collection Activities: Information Collection
Renewal; Request for Comment; Identity Theft Red Flags and Address
Discrepancies Under the Fair and Accurate Credit Transactions Act of
2003
AGENCY: Office of the Comptroller of the Currency, Treasury (OCC).
ACTION: Notice and request for comment.
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SUMMARY: The OCC, as part of its continuing effort to reduce paperwork
and respondent burden, invites the general public and other Federal
agencies to take this opportunity to comment on a continuing
information collection as required by the Paperwork Reduction Act of
1995 (PRA). An agency may not conduct or sponsor, and a respondent is
not required to respond to, an information collection unless it
displays a currently valid OMB control number. The OCC is soliciting
comment concerning the renewal of its information collection titled,
``Identity Theft Red Flags and Address Discrepancies under the Fair and
Accurate Credit Transactions Act of 2003.''
DATES: Comments must be received by May 31, 2022.
ADDRESSES: Commenters are encouraged to submit comments by email, if
possible. You may submit comments by any of the following methods:
<bullet> Email: <a href="/cdn-cgi/l/email-protection#077775666e6961684768646429737562667429606871"><span class="__cf_email__" data-cfemail="e1919380888f878ea18e8282cf9593848092cf868e97">[email protected]</span></a>.
<bullet> Mail: Chief Counsel's Office, Attention: Comment
Processing, Office of the Comptroller of the Currency, Attention: 1557-
0237, 400 7th Street SW, Suite 3E-218, Washington, DC 20219.
<bullet> Hand Delivery/Courier: 400 7th Street SW, Suite 3E-218,
Washington, DC 20219.
<bullet> Fax: (571) 465-4326.
Instructions: You must include ``OCC'' as the agency name and
``1557-0237'' in your comment. In general, the OCC will publish
comments on <a href="http://www.reginfo.gov">www.reginfo.gov</a> without change, including any business or
personal information provided, such as name and address information,
email addresses, or phone numbers. Comments received, including
attachments and other supporting materials, are part of the public
record and subject to public disclosure. Do not include any information
in your comment or supporting materials that you consider confidential
or inappropriate for public disclosure.
Following the close of this notice's 60-day comment period, the OCC
will publish a second notice with a 30-day comment period. You may
review comments and other related materials that pertain to this
information collection beginning on the date of publication of the
second notice for this collection by the method set forth in the next
bullet.
<bullet> Viewing Comments Electronically: Go to <a href="http://www.reginfo.gov">www.reginfo.gov</a>.
Hover over the ``Information Collection Review'' tab and click on
``Information Collection Review'' dropdown. Underneath the ``Currently
under Review'' section heading, from the drop-down menu select
``Department of Treasury'' and then click ``submit.'' This information
collection can be located by searching by OMB control number ``1557-
0237'' or ``Identity Theft Red Flags and Address Discrepancies under
the Fair and Accurate Credit Transactions Act of 2003.''
Upon finding the appropriate information collection, click on the
related ``ICR Reference Number.'' On the next screen, select ``View
Supporting Statement and Other Documents'' and then click on the link
to any comment listed at the bottom of the screen.
<bullet> For assistance in navigating <a href="http://www.reginfo.gov">www.reginfo.gov</a>, please
contact the Regulatory Information Service Center at (202) 482-7340.
FOR FURTHER INFORMATION CONTACT: Shaquita Merritt, Clearance Officer,
(202) 649-5490, Chief Counsel's Office, Office of the Comptroller of
the Currency, 400 7th Street SW, Washington, DC 20219. If you are deaf,
hard of hearing, or have a speech disability, please dial 7-1-1 to
access telecommunications relay services.
SUPPLEMENTARY INFORMATION: Under the PRA (44 U.S.C. 3501-3520), Federal
agencies must obtain approval from OMB for each collection of
information they conduct or sponsor. ``Collection of information'' is
defined in 44 U.S.C. 3502(3) and 5 CFR 1320.3(c) to include agency
requests and requirements that members of the public submit reports,
keep records, or provide information to a third party. Section
3506(c)(2)(A) of title 44 (44 U.S.C. 3506(c)(2)(A)) requires Federal
agencies to provide a 60-day notice in the Federal Register concerning
each proposed collection of information, including each proposed
extension of an existing collection of information, before submitting
the collection to OMB for approval. To comply with this requirement,
the OCC is publishing notice of the proposed extension of this
collection of information.
Title: Identity Theft Red Flags and Address Discrepancies under the
Fair and Accurate Credit Transactions Act of 2003.
OMB Control No.: 1557-0237.
Description: Section 114 of the Fair and Accurate Credit
Transactions Act of 2003 (FACT Act) \1\ amended section 615 of the Fair
Credit Reporting Act
[[Page 18072]]
(FCRA) \2\ to require the Agencies \3\ to issue jointly:
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\1\ 15 U.S.C. 1681m(e).
\2\ 15 U.S.C. 1681m.
\3\ Section 114 required the guidelines and regulations to be
issued jointly by the federal banking agencies (OCC, Board of
Governors of the Federal Reserve System, and Federal Deposit
Insurance Corporation), the National Credit Union Administration,
and the Federal Trade Commission. Therefore, for purposes of this
filing, ``Agencies'' refers to these entities. Note that Section
1088(a)(8) of the Dodd-Frank Act further amended section 615 of FCRA
to also require the Securities and Exchange Commission and the
Commodity Futures Trading Commission to issue Red Flags guidelines
and regulations.
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<bullet> 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 must be consistent with the
policies and procedures required under section 326 of the USA PATRIOT
Act, (31 U.S.C. 5318(l));
<bullet> Regulations that require each financial institution and
each creditor to establish reasonable policies and procedures for
implementing the guidelines in order to identify possible risks to
account holders or customers or to the safety and soundness of the
institution or creditor; and
<bullet> 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 \4\ also amended section 605 of FCRA to
require the Agencies to issue regulations providing guidance regarding
what reasonable policies and procedures a user of consumer reports must
have in place and employ when a user receives a notice of address
discrepancy from a consumer reporting agency (CRA). These regulations
are required to describe reasonable policies and procedures for users
of consumer reports to:
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\4\ 15 U.S.C. 1681c(h)(2).
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<bullet> 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
<bullet> 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.
As required by section 114 of the FACT Act, appendix J to 12 CFR
part 41 contains guidelines for financial institutions and creditors to
use in identifying patterns, practices, and specific forms of activity
that may indicate the existence of identity theft. In addition, 12 CFR
41.90 requires each financial institution or creditor that is a
national bank, Federal savings association, Federal branch or agency of
a foreign bank, and any of their operating subsidiaries that are not
functionally regulated, to establish an Identity Theft Prevention
Program (Program) designed to detect, prevent, and mitigate identity
theft in connection with accounts. Pursuant to Sec. 41.91, credit card
and debit card issuers must implement reasonable policies and
procedures to assess the validity of a request for a change of address
under certain circumstances.
Section 41.90 requires each OCC-regulated financial institution or
creditor that offers or maintains one or more covered accounts to
develop and implement a Program. In developing a Program, financial
institutions and creditors are required to consider the guidelines in
appendix J and include the suggested provisions, as appropriate. The
initial Program must be approved by the institution's board of
directors or by an appropriate committee thereof. The board, an
appropriate committee thereof, or a designated employee at the level of
senior management must be involved in the oversight of the Program. In
addition, staff members must be trained to carry out the Program.
Pursuant to Sec. 41.91, each credit and debit card issuer is required
to establish and implement policies and procedures to assess the
validity of a change of address request if it is followed by a request
for an additional or replacement card. Before issuing the additional or
replacement card, the card issuer must notify the cardholder of the
request and provide the cardholder a reasonable means to report
incorrect address changes or use another means to assess the validity
of the change of address.
As required by section 315 of the FACT Act, 12 CFR 1022.82 \5\
requires users of consumer reports to have in place reasonable policies
and procedures that must be followed when a user receives a notice of
address discrepancy from a CRA.
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\5\ Title X of the Dodd-Frank Wall Street Reform and Consumer
Protection Act transferred this regulation to the Consumer Financial
Protection Bureau. The OCC retains enforcement authority for this
regulation for institutions with $10 billion or less in total
assets.
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Section 1022.82 requires each user of consumer reports to develop
and implement reasonable policies and procedures designed to enable the
user to form a reasonable belief that a consumer report relates to the
consumer about whom it requested the report when it receives a notice
of address discrepancy from a CRA. A user of consumer reports also must
develop and implement reasonable policies and procedures for furnishing
a customer address that the user has reasonably confirmed to be
accurate to the CRA from which it receives a notice of address
discrepancy when the user can: (1) Form a reasonable belief that the
consumer report relates to the consumer about whom the user has
requested the report; (2) establish a continuing relationship with the
consumer; and (3) establish that it regularly and in the ordinary
course of business furnishes information to the CRA from which it
received the notice of address discrepancy.
Type of Review: Regular.
Affected Public: Individuals; Businesses or other for-profit.
Estimated Number of Respondents: 1,172.
Estimated Total Annual Burden: 130,342 hours.
Comments submitted in response to this notice will be summarized,
included in the request for OMB approval, and become a matter of public
record. Comments are invited on:
(a) Whether the collection of information is necessary for the
proper performance of the functions of the OCC, including whether the
information has practical utility;
(b) The accuracy of the OCC's estimate of the burden of the
collection of information;
(c) Ways to enhance the quality, utility, and clarity of the
information to be collected;
(d) Ways to minimize the burden of the collection on respondents,
including through the use of automated collection techniques or other
forms of information technology; and
(e) Estimates of capital or start-up costs and costs of operation,
maintenance, and purchase of services to provide information.
Theodore J. Dowd,
Deputy Chief Counsel, Office of the Comptroller of the Currency.
[FR Doc. 2022-06549 Filed 3-28-22; 8:45 am]
BILLING CODE P
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</html>Indexed from Federal Register on March 29, 2022.
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