Agency Information Collection Activities: Submission to OMB for Reinstatement, With Change, of a Previously Approved Collection; Comment Request, 43239-43241 [2013-17345]

Agencies

• National Credit Union Administration

[Federal Register Volume 78, Number 139 (Friday, July 19, 2013)]
[Notices]
[Pages 43239-43241]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-17345]


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NATIONAL CREDIT UNION ADMINISTRATION


Agency Information Collection Activities: Submission to OMB for 
Reinstatement, With Change, of a Previously Approved Collection; 
Comment Request

AGENCY: National Credit Union Administration (NCUA).

ACTION: Request for comment.

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SUMMARY: The NCUA intends to submit the following information 
collection to the Office of Management and Budget (OMB) for review and 
clearance under the Paperwork Reduction Act of 1995 (Pub. L. 104-13, 44 
U.S.C. Chapter 35). This information collection is published to obtain 
comments from the public. The collection requires each Federal Credit 
Union (FCU) 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 (Red Flag Regulations). Each FCU is also required to 
develop an Identity Theft Prevention Program, provide staff training, 
and report to the board of directors, a committee thereof, or senior

[[Page 43240]]

management at least annually. In addition, credit and debit card 
issuers are generally required to assess the validity of change of 
address requests.

DATES: Comments will be accepted until September 17, 2013.

ADDRESSES: Interested parties are invited to submit written comments to 
the NCUA Contact and the OMB Reviewer listed below:
    NCUA Contact: Tracy Crews, National Credit Union Administration, 
1775 Duke Street, Alexandria, Virginia 22314-3428, Fax No. 703-837-
2861, Email: OCIOPRA@ncua.gov.
    OMB Contact: Office of Management and Budget, ATTN: Desk Officer 
for the National Credit Union Administration, Office of Information and 
Regulatory Affairs, Washington, DC 20503.

FOR FURTHER INFORMATION CONTACT: Requests for additional information, a 
copy of the information collection request, or a copy of submitted 
comments should be directed to Tracy Crews at the National Credit Union 
Administration, 1775 Duke Street, Alexandria, VA 22314-3428, or at 
(703) 518-6444. E&I Contact: Program Officer Judy Graham 
eimail@ncua.gov, 703-518-6360.

SUPPLEMENTARY INFORMATION:

I. Abstract and Request for Comments

    NCUA is reinstating and amending/the collection for 3133-0175. This 
collection of information is required by sections 114 and 315 of the 
FACT Act. The NCUA is renewing its collection and removing the burden 
attributable to the portion of the regulations transferred to the 
Bureau of Consumer Financial Protection (CFPB) pursuant to title X of 
the Dodd-Frank Wall Street Reform and Consumer Protection Act, Public 
Law 111-203, 124 Stat. 1955, July 21, 2010 (Dodd-Frank Act), and 
republished as CFPB regulations (76 FR 79308 (December 21, 2011)). The 
transferred regulations, which relate to address discrepancies, were 
found at 12 CFR part 717, and are now contained in 12 CFR 1022.82. The 
burden estimates for this portion of the collection have been revised 
to remove the burden attributable to NCUA-regulated credit unions with 
over $10 billion in total assets, now carried by CFPB pursuant to 
section 1025 of the Dodd-Frank Act. The NCUA retains enforcement 
authority under 12 CFR 1022.82 for its institutions with total assets 
of $10 billion or less.
    As required by section 114 of the FACT Act, appendix J to 12 CFR 
part 717 contains guidelines for financial institutions and creditors 
to use in identifying patterns, practices, and specific forms of 
activity that indicate the possible existence of identity theft. In 
addition, 12 CFR 717.90 requires each financial institution or creditor 
to establish reasonable policies and procedures to address the risk of 
identity theft that incorporate the guidelines. Pursuant to section 
717.91, 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 717.90 requires each NCUA regulated FCUs that offers or 
maintains one or more covered accounts to develop and implement a 
written Identity Theft Prevention Program (Program). In developing the 
Program, financial institutions and creditors are required to consider 
the guidelines in appendix J and include those that are appropriate. 
The initial Program must be approved by the board of directors or 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 section 
717.91, 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 under certain circumstances. Before issuing an 
additional or replacement card, the card issuer must notify the 
cardholder or use another means to assess the validity of the change of 
address.
    As required by section 315 of the FACT Act, section 1022.82 
requires users of consumer reports to have reasonable policies and 
procedures that must be followed when a user receives a notice of 
address discrepancy from a credit reporting agency (CRA).
    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 
an address for the consumer 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.
    Burden estimate: The hourly burden increased despite a decline in 
respondents due to an increase in the estimated processing times. NCUA 
estimates 4,206 respondents with assets of $10 million or less. Each 
FCU requires 111 hours annually for a total of 466,866 hours annually.
    NCUA estimates of the 4,206 annual respondents annually, 2 are new 
FCUs requiring a one-time additional 250 hours for program development. 
New FCUs incur an additional 500 hours annually.
    NCUA's estimated total annual burden is 467,366 hours. Based upon 
the 111 hours for the annual program and additional 250 hours for new 
FCU program development.
    The NCUA requests that you send your comments on this collection to 
the location listed in the addresses section. Your comments should 
address: (a) The necessity of the information collection for the proper 
performance of NCUA, including whether the information will have 
practical utility; (b) the accuracy of our estimate of the burden hours 
of the collection of information, including the validity of the 
methodology and assumptions used; (c) ways we could enhance the 
quality, utility, and clarity of the information to be collected; and 
(d) ways we could minimize the burden of the collection of the 
information on the respondents such as through the use of automated 
collection techniques or other forms of information technology. It is 
NCUA's policy to make all comments available to the public for review.

II. Data

    Title: Identity Theft Red Flags and Address Discrepancies under the 
FACT Act of 2003 (FACTA), 12 CFR Part 717.
    OMB Number: 3133-0175.
    Form Number: None.
    Type of Review: Reinstatement, with change, of a previously 
approved collection.
    Description: The NCUA and other agencies published a rule 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 63718 (Nov. 9, 2007). The 
Agencies also issued regulations that would require financial 
institutions and creditors to establish policies and procedures to 
implement the guidelines, including assessing the validity of

[[Page 43241]]

address change requests. Pursuant to title X of the Dodd-Frank Wall 
Street Reform and Consumer Protection Act, Public Law 111-203, 124 
Stat. 1955, July 21, 2010 (Dodd-Frank Act), the Bureau of Consumer 
Financial Protection (CFPB) reissued its portion of the regulation as 
CFPB regulations (76 FR 79308 (December 21, 2011)).
    Respondents: Federal Credit Unions.
    Estimated No. of Respondents/Record keepers: 4,206.
    Estimated Burden Hours per Response: 111 hours.
    Frequency of Response: Initial and Annual.
    Estimated Total Annual Burden Hours: 467,366
    Estimated Total Annual Cost: N/A.

    By the National Credit Union Administration Board on July 15, 
2013.
Mary Rupp,
Secretary of the Board.
[FR Doc. 2013-17345 Filed 7-18-13; 8:45 am]
BILLING CODE 7535-01-P