[Federal Register Volume 71, Number 180 (Monday, September 18, 2006)]
[Notices]
[Pages 54689-54690]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E6-15403]


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NATIONAL CREDIT UNION ADMINISTRATION


Information Collection Notice Related To Rule for Identity Theft 
Red Flags and Address Discrepancies Under Fair and Accurate 
Transactions Act of 2003

AGENCY: National Credit Union Administration (NCUA).

ACTION: Notice and request for comment.

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SUMMARY: As directed by the Office of Management and Budget (OMB), the 
NCUA is publishing this supplementary notice and request for comments 
on a new, rule-related information collection that is part of an inter-
agency regulation issued July 18, 2006 to implement provisions in the 
Fair and Accurate Credit Transactions Act of 2003 (FACTA). NCUA expects 
this collection to be under review at OMB shortly.

DATES: Comments will be accepted until October 18, 2006.

ADDRESSES: Interested parties are invited to submit written comments to 
the NCUA Clearance Officer and OMB Desk Officer listed below:
    Clearance Officer: Mr. Neil McNamara, National Credit Union 
Administration, 1775 Duke Street, Alexandria, VA 22314-3428, Fax No. 
703-837-2861, E-mail: [email protected].
    OMB Desk Officer: Mr. Mark Menchik, Office of Information and 
Regulatory Affairs, Office of Management and Budget, Docket Library, 
Room 10102, 725-17th Street, NW., Washington, DC 20503.

FOR FURTHER INFORMATION CONTACT: For additional information, contact 
Regina Metz, Staff Attorney, Office of General Counsel, at the National 
Credit Union Administration, 1775 Duke Street, Alexandria, VA 22314-
3428, or at (703) 518-6540.

SUPPLEMENTARY INFORMATION:

Background

    The NCUA, along with the Office of the Comptroller of the Currency, 
the Board of Governors of the Federal Reserve System, the Federal 
Deposit Insurance Corporation, the Office of Thrift Supervision, and 
the Federal Trade Commission (the Agencies), published a proposed rule 
on July 18, 2006, to implement sections 114 and 315 of the FACTA by 
proposing guidelines for identifying patterns, practices and specific 
forms of activity indicative of possible identity theft. 71 FR 40785 
(July 18, 2006). The Agencies also proposed joint regulations that 
would require financial institutions and creditors to establish 
policies and procedures to implement the guidelines,

[[Page 54690]]

including assessing the validity of address change requests.

Paperwork Reduction Act

    Under the Paperwork Reduction Act, the Agencies may not conduct or 
sponsor an information collection unless it displays a currently valid 
OMB control number. NCUA is requesting comment on a proposed 
information collection. This notice supplements the notice previously 
published at 71 FR 40785 (July 18, 2006).
    Title of Information Collection: Identity Theft Red Flags and 
Address Discrepancies under FACTA.
    Frequency of Response: On occasion.
    Affected Public: Credit unions.
    Abstract: NCUA, along with the other agencies, are proposing 
regulations requiring credit unions to establish reasonable policies 
and procedures to address the risk of identity theft and to assess the 
validity of a request for a change of address under certain 
circumstances. The proposed regulation would require creation of an 
identity theft program and report to a board of directors at least 
annually on compliance with the proposed regulation. Staff must be 
trained to implement the program and issuers of credit and debit cards 
would be required to establish policies and procedures to assess the 
validity of a change of address request, including notification to the 
cardholder.
    Estimated burden: NCUA and the other Agencies estimate it will 
initially take 25 hours to create a program as required by the proposed 
regulation, 4 hours to prepare an annual report, and 2 hours to train 
staff. It is estimated that credit and debit card issuers will require 
an additional 4 hours to develop policies and procedures regarding 
assessment of the validity of a change of address request.
    Number of respondents: 5,245.
    Estimated time per response: 39 hours.
    Training: 2 hours.
    Policies and procedures for assessment of validity of changes of 
address: 4 hours.
    Policies and procedures to respond to notices of address 
discrepancy: 4 hours.
    Total estimated annual burden: 204,555.
    Comments are invited on:
    (a) Whether the collection of information is necessary for the 
proper performance of the NCUA's and the Agencies' functions including 
whether the information has practical utility;
    (b) The accuracy of the estimates of the burden of the information 
collection, including the validity of the methodology and assumptions 
used.
    (c) Ways to enhance the quality, utility, and clarity of the 
information to be collected;
    (d) Ways to minimize the burden of the information 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 service to provide information.

    By the National Credit Union Administration Board on September 
12, 2006.
Mary Rupp,
Secretary of the Board.
 [FR Doc. E6-15403 Filed 9-15-06; 8:45 am]
BILLING CODE 7535-01-P