[Federal Register Volume 84, Number 28 (Monday, February 11, 2019)]
[Notices]
[Pages 3280-3282]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-01719]
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DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
Agency Information Collection Activities: Information Collection
Renewal; Submission for OMB Review; 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.'' The OCC also is giving notice that it has sent the collection
to OMB for review.
DATES: Comments must be received on or before March 13, 2019.
ADDRESSES: Commenters are encouraged to submit comments by email, if
possible. You may submit comments by any of the following methods:
Email: [email protected].
Mail: Legislative and Regulatory Activities Division,
Office of the Comptroller of the Currency, Attention: 1557-0237, 400
7th Street SW, Suite 3E-218, Washington, DC 20219.
Hand Delivery/Courier: 400 7th Street SW, Suite 3E-218,
Washington, DC 20219.
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 www.reginfo.gov 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.
Additionally, please send a copy of your comments by mail to: OCC
Desk Officer, 1557-0237, U.S. Office of Management and Budget, 725 17th
Street NW, #10235, Washington, DC 20503 or by email to
[email protected].
You may review comments and other related materials that pertain to
this information collection \1\ following the close of the 30-Day
comment period for
[[Page 3281]]
this notice by any of the following methods:
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\1\ On November 13, 2018 the OCC published a 60-day notice for
this information collection.
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Viewing Comments Electronically: Go to www.reginfo.gov.
Click on the ``Information Collection Review'' tab. 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.
For assistance in navigating www.reginfo.gov, please
contact the Regulatory Information Service Center at (202) 482-7340.
Viewing Comments Personally: You may personally inspect
comments at the OCC, 400 7th Street, SW Washington, DC. For security
reasons, the OCC requires that visitors make an appointment to inspect
comments. You may do so by calling (202) 649-6700 or, for persons who
are deaf or hearing impaired, TTY, (202) 649-5597. Upon arrival,
visitors will be required to present valid government-issued photo
identification and submit to security screening in order to inspect
comments.
FOR FURTHER INFORMATION CONTACT: Shaquita Merritt, Clearance Officer,
(202) 649-5490 or, for persons who are deaf or hearing impaired, TTY,
(202) 649-5597, Chief Counsel's Office, Office of the Comptroller of
the Currency, 400 7th Street SW, Suite 3E-218, Washington, DC 20219.
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. The OCC requests
that OMB extend its approval of the following collection.
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) \2\ amended section 615 of the Fair
Credit Reporting Act (FCRA) \3\ to require the Agencies \4\ to issue
jointly:
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\2\ 15 U.S.C. 1681m(e).
\3\ 15 U.S.C. 1681m.
\4\ 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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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));
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
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 \5\ also amended section 605 of FCRA
\6\ 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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\5\ 15 U.S.C. 1681c(h).
\6\ 15 U.S.C. 1681c.
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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 the
user 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, Sec. 1022.82 \7\
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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\7\ Title X of the Dodd-Frank Wall Street Reform and Consumer
Protection Act transferred this regulation to the CFPB. The OCC
retains enforcement authority for this regulation for institutions
with $10 billion in total assets or less.
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Section 1022.82 requires each user of consumer reports to develop
and
[[Page 3282]]
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: 1,187.
Estimated Total Annual Burden: 132,007 hours.
The OCC issued a notice for 60 days of comment regarding this
collection on November 13, 2018, 83 FR 56402. No comments were
received. Comments continue to be 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.
Dated: February 4, 2019.
Theodore J. Dowd,
Deputy Chief Counsel, Office of the Comptroller of the Currency.
[FR Doc. 2019-01719 Filed 2-8-19; 8:45 am]
BILLING CODE 4810-33-P