[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3254 Introduced in House (IH)]







108th CONGRESS
  1st Session
                                H. R. 3254

  To amend the Electronic Fund Transfer Act to require truncation of 
    account numbers on transaction receipts, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            October 7, 2003

Mr. Frelinghuysen introduced the following bill; which was referred to 
                  the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
  To amend the Electronic Fund Transfer Act to require truncation of 
    account numbers on transaction receipts, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Consumer Credit and Identity 
Protection Act of 2001''.

SEC. 2. TRUNCATION OF ACCOUNT NUMBERS ON TRANSACTION RECEIPTS.

    (a) In General.--Section 906 of the Electronic Fund Transfer Act 
(15 U.S.C. 1693d) is amended by adding at the end the following new 
subsection:
    ``(g) Truncation of Account Number on Transaction Receipts.--In 
identifying a consumer's account in the documentation required under 
subsection (a) with respect to an electronic fund transfer initiated by 
the consumer at an electronic terminal, only the last 4 digits of such 
account number may be printed on the document.''.
    (b) Effective Date.--
            (1) In General.--The amendment made by subsection (a) shall 
        take effect on January 1, 2003.
            (2) Temporary waivers.--The Board of Governors of the 
        Federal Reserve System may, by regulation or order, waive the 
        applicability of the amendment made by subsection (a) for up to 
        1 additional year with respect to electronic terminals first 
        put into operation before the date of the enactment of this 
        Act, or any type or subset of such electronic terminals, if the 
        Board determines that retrofitting any such existing terminal 
        to comply with the amendment by the effective date is unduly 
        burdensome.

SEC. 3. FEDERAL RESERVE BOARD STUDY ON TRUNCATION OF CREDIT AND DEBIT 
              CARD ACCOUNT NUMBERS IN ALL CONSUMER TRANSACTIONS.

    (a) Study Required.--The Board of Governors of the Federal Reserve 
System shall conduct a study on--
            (1) the feasibility of--
                    (A) permitting only an electronic terminal to be 
                used in any transaction involving the use of a 
                consumer's credit card or debit card;
                    (B) requiring the use of a code or other unique 
                form of identification (other than a signature) to 
                access the consumer's account for purposes of 
                effectuating any transaction involving any such credit 
                or debit card; and
                    (C) requiring the truncation of the consumer's 
                account number on any receipt provided in connection 
                with any transaction involving a consumer's credit or 
                debit card; and
            (2) the extent to which the implementation of such 
        requirements would reduce the incidence of identity theft and 
        fraud.
    (b) Report.--The Board of Governors of the Federal Reserve System 
shall submit a report to the Congress before the end of the 9-month 
period beginning on the date of the enactment of this Act containing 
the findings and conclusions of the Board with respect to the study 
conducted pursuant to subsection (a) and such recommendations for 
legislative or administrative action as the Board determines to be 
appropriate.
                                 <all>