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, 56402-56404 [2018-24615]
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Federal Register / Vol. 83, No. 219 / Tuesday, November 13, 2018 / Notices
management; mark-to-market and
amortized cost net asset values; dollarweighted average portfolio maturity;
dollar-weighted average portfolio life
maturity as of the last business day of
the prior calendar month; and certain
other security-level information for each
security held.
Twelve CFR 9.18(b)(4)(iii)(J) (and
150.260 by cross-reference) require that
national banks and FSAs adopt, for
STIFs, procedures that require a
national bank or FSA that manages a
STIF to notify the OCC prior to or
within one business day thereafter of
certain events.
Twelve CFR 9.18(b)(4)(iii)(K) (and
150.260 by cross-reference) require that
national banks and FSAs adopt, for
STIFs, certain procedures in the event
that the STIF has repriced its net asset
value below $0.995 per participating
interest.
Twelve CFR 9.18(b)(4)(iii)(L) (and
150.260 by cross-reference) require that
national banks and FSAs adopt, for
STIFs, procedures for initiating
liquidation of a STIF upon the
suspension or limitation of withdrawals
as a result of redemptions.
Twelve CFR 9.18(b)(6)(ii) (and
150.260 by cross-reference) require, for
CIFs, that national banks and FSAs, at
least once during each 12-month period,
prepare a financial report of the fund
based on the audit required by 12 CFR
9.18(b)(6)(i). The report must disclose
the fund’s fees and expenses in a
manner consistent with applicable state
law in the state in which the national
bank or FSA maintains the fund and
must contain:
• A list of investments in the fund
showing the cost and current market
value of each investment;
• A statement covering the period
after the previous report showing the
following (organized by type of
investment):
Æ A summary of purchases (with
costs);
Æ A summary of sales (with profit or
loss and any investment change);
Æ Income and disbursements; and
Æ An appropriate notation of any
investments in default.
Twelve CFR 9.18(b)(6)(iv) (and
150.260 by cross-reference) require that
a national bank or FSA managing a CIF
provide a copy of the financial report,
or provide notice that a copy of the
report is available upon request without
charge, to each person who ordinarily
would receive a regular periodic
accounting with respect to each
participating account. The national bank
or FSA may provide a copy to
prospective customers. In addition, the
national bank or FSA must provide a
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copy of the report upon request to any
person for a reasonable charge.
Twelve CFR 9.18(c)(5) (and 150.260
by cross-reference) require that, for
special exemption CIFs, national banks
and FSAs must submit to the OCC a
written plan that sets forth:
• The reason the proposed fund
requires a special exemption;
• The provisions of the fund that are
inconsistent with 12 CFR 9.18(a) and
(b);
• The provisions of 12 CFR 9.18(b) for
which the national bank or FSA seeks
an exemption; and
• The manner in which the proposed
fund addresses the rights and interests
of participating accounts.
Type of Review: Regular.
Affected Public: Businesses or other
for-profit.
Estimated Number of Respondents:
320.
Frequency of Response: On occasion.
Estimated Total Annual Burden:
115,125 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.
Dated: November 6, 2018.
Theodore J. Dowd,
Deputy Chief Counsel, Office of the
Comptroller of the Currency.
[FR Doc. 2018–24612 Filed 11–9–18; 8:45 am]
BILLING CODE 4810–33–P
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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
Office of the Comptroller of the
Currency (OCC), Treasury.
ACTION: Notice and request for
comment.
AGENCY:
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.’’
SUMMARY:
Comments must be received by
January 14, 2019.
ADDRESSES: Commenters are encouraged
to submit comments by email, if
possible. You may submit comments by
any of the following methods:
• Email: prainfo@occ.treas.gov.
• 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 your comment on
www.reginfo.gov without change,
including any business or personal
information that you provide, 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
DATES:
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amozie on DSK3GDR082PROD with NOTICES1
Federal Register / Vol. 83, No. 219 / Tuesday, November 13, 2018 / Notices
you consider confidential or
inappropriate for public disclosure.
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 1 by any of the
following methods:
• Viewing Comments Electronically:
Go to www.reginfo.gov. Click on the
‘‘Information Collection Review’’ tab.
Underneath the ‘‘Currently under
Review’’ section heading, from the dropdown 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, 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. Section 3506(c)(2)(A) of
part 44 (44 U.S.C. 3506(c)(2)(A))
requires federal agencies to provide a
1 Following the close of the 60-day comment
period for this notice, the OCC will publish a notice
for 30 days of comment for this collection.
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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) 2 amended section 615
of the Fair Credit Reporting Act
(FCRA) 3 to require the Agencies 4 to
issue jointly:
• 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 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).
2 15
U.S.C. 1681m(e).
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.
3 15
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56403
These regulations are required to
describe reasonable policies and
procedures for users of consumer
reports to:
• 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 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 § 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 OCCregulated 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 § 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.
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Federal Register / Vol. 83, No. 219 / Tuesday, November 13, 2018 / Notices
As required by section 315 of the
FACT Act, § 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.
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:
1,186.
Estimated Total Annual Burden:
132,007 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
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5 Title
X of the Dodd-Frank Wall Street Reform
and Consumer Protection Act transferred this
regulation to the BCFP. The OCC retains
enforcement authority for this regulation for
institutions with $10 billion in total assets or less.
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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: November 6, 2018.
Theodore J. Dowd,
Deputy Chief Counsel, Office of the
Comptroller of the Currency.
[FR Doc. 2018–24615 Filed 11–9–18; 8:45 am]
BILLING CODE P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment
Request for Form 4255
Internal Revenue Service (IRS),
Treasury.
ACTION: Notice and request for
comments.
AGENCY:
The Internal Revenue Service
(IRS), 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 information
collections, as required by the
Paperwork Reduction Act of 1995. The
IRS is soliciting comments concerning
Recapture of Investment Credit.
DATES: Written comments should be
received on or before January 14, 2019
to be assured of consideration.
ADDRESSES: Direct all written comments
to Laurie Brimmer, Internal Revenue
Service, Room 6526, 1111 Constitution
Avenue NW, Washington, DC 20224.
FOR FURTHER INFORMATION CONTACT:
Requests for additional information or
copies of the form and instructions
should be directed to Martha R. Brinson,
at (202) 317–5753, or at Internal
Revenue Service, Room 6526, 1111
Constitution Avenue NW, Washington,
DC 20224, or through the internet at
Martha.R.Brinson@irs.gov.
SUPPLEMENTARY INFORMATION:
Title: Recapture of Investment Credit.
OMB Number: 1545–0166.
Form Number: 4255.
Abstract: Internal Revenue Code
section 50(a) requires that a taxpayer’s
income tax be increased by the
investment credit recapture tax if the
taxpayer disposes of investment credit
SUMMARY:
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property before the close of the
recapture period used in figuring the
original investment credit. Form 4255
provides for the computation of the
recapture tax.
Current Actions: There are no changes
being made to the form at this time.
Type of Review: Extension of a
currently approved collection.
Affected Public: Business or other forprofit organizations, individuals, and
farms.
Estimated Number of Respondents:
13,200.
Estimated Time per Respondent: 9
hrs. 49 min.
Estimated Total Annual Burden
Hours: 129,492.
The following paragraph applies to all
of the collections of information covered
by this notice:
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
unless the collection of information
displays a valid OMB control number.
Books or records relating to a collection
of information must be retained as long
as their contents may become material
in the administration of any internal
revenue law. Generally, tax returns and
tax return information are confidential,
as required by 26 U.S.C. 6103.
Request for Comments: Comments
submitted in response to this notice will
be summarized and/or included in the
request for OMB approval. Comments
will be of public record. Comments are
invited on: (a) Whether the collection of
information is necessary for the proper
performance of the functions of the
agency, including whether the
information has practical utility; (b) the
accuracy of the agency’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 of information
on 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.
Approved: October 25, 2018.
Laurie Brimmer,
Senior Tax Analyst.
[FR Doc. 2018–24666 Filed 11–9–18; 8:45 am]
BILLING CODE 4830–01–P
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]]>Agencies
[Federal Register Volume 83, Number 219 (Tuesday, November 13, 2018)]
[Notices]
[Pages 56402-56404]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-24615]
-----------------------------------------------------------------------
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 (OCC), Treasury.
ACTION: Notice and request for comment.
-----------------------------------------------------------------------
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 January 14, 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 your
comment on www.reginfo.gov without change, including any business or
personal information that you provide, 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
[[Page 56403]]
you consider confidential or inappropriate for public disclosure.
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 \1\ by any of the following methods:
---------------------------------------------------------------------------
\1\ Following the close of the 60-day comment period for this
notice, the OCC will publish a notice for 30 days of comment for
this collection.
---------------------------------------------------------------------------
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, 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. Section
3506(c)(2)(A) of part 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) \2\ amended section 615 of the Fair
Credit Reporting Act (FCRA) \3\ to require the Agencies \4\ to issue
jointly:
---------------------------------------------------------------------------
\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.
---------------------------------------------------------------------------
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 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:
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
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.
[[Page 56404]]
As required by section 315 of the FACT Act, Sec. 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 BCFP. 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 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: 1,186.
Estimated Total Annual Burden: 132,007 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.
Dated: November 6, 2018.
Theodore J. Dowd,
Deputy Chief Counsel, Office of the Comptroller of the Currency.
[FR Doc. 2018-24615 Filed 11-9-18; 8:45 am]
BILLING CODE P
