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, 3280-3282 [2019-01719]
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Federal Register / Vol. 84, No. 28 / Monday, February 11, 2019 / Notices
Under the
Paperwork Reduction Act (PRA) (44
U.S.C. 3501–3520), federal agencies
must obtain approval from the OMB for
each collection of information that 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 or requirements that
members of the public submit reports,
keep records, or provide information to
a third party. The OCC asks that OMB
extend its approval of this collection.
Title: Annual Stress Test Rule.
OMB Control No.: 1557–0311.
Description: Section 165(i)(2) of the
Dodd-Frank Wall Street Reform and
Consumer Protection Act requires
certain financial companies, including
national banks and federal savings
associations, to conduct annual stress
tests 2 and requires the primary financial
regulatory agency 3 of those financial
companies to issue regulations
implementing the stress test
requirements.4
Twelve CFR 46.6(a) specifies the
calculations of the potential impact on
capital that must be made during each
quarter of a planning horizon. Section
46.6(c)(1) requires the senior
management of each covered institution
to establish and maintain a system of
controls, oversight, and documentation,
including policies and procedures that,
at a minimum, describe the covered
institution’s stress test practices and
methodologies and processes for
updating the covered institution’s stress
test practices. Section 46.6(c)(2)
provides that the board of directors of
the covered institution shall approve
and review these policies and
procedures no less than annually and
provide the board of directors and
senior management with a summary of
the stress test results.
Section 46.7 provides that each
covered institution shall report to the
OCC and to the Board of Governors of
the Federal Reserve System annually the
results of the stress test in the time,
manner and form specified by the OCC.
Section 46.8 requires that a covered
institution publish a summary of the
results of its annual stress tests on its
website or in any other forum that is
reasonably accessible to the public. The
summary must include a description of
the types of risks included in the stress
test, a summary description of the
methodologies used in the stress test,
estimates of aggregate losses, preprovision net revenue, provisions for
loan and lease losses, net income, and
SUPPLEMENTARY INFORMATION:
pro forma capital ratios and an
explanation of the most significant
causes of the changes in regulatory
capital ratios. The summary also must
reflect, for estimates of aggregate losses,
pre-provision net revenue, provisions
for loan and lease losses, the estimated
cumulative effects and estimated capital
ratios, net income, and pro forma capital
ratios (including regulatory and any
other capital ratios specified by the
OCC) at the end of the planning horizon,
under the severely adverse scenario.
Type of Review: Regular.
Affected Public: Businesses or other
for-profit.
Estimated Number of Respondents:
61.
Estimated Total Annual Burden:
63,440 hours.
The OCC issued a notice for 60 days
of comment regarding the collection on
December 6, 2018, 83 FR 62953. 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. 2019–01720 Filed 2–8–19; 8:45 am]
BILLING CODE 4810–33–P
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
Office of the Comptroller of the
Currency, Treasury (OCC).
ACTION: Notice and request for comment.
AGENCY:
2 12
U.S.C. 5365(i)(2)(A).
3 12 U.S.C. 5301(12).
4 12 U.S.C. 5365(i)(2)(C).
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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: 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 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 oira_submission@
omb.eop.gov.
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
SUMMARY:
1 On November 13, 2018 the OCC published a 60day notice for this information collection.
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Federal Register / Vol. 84, No. 28 / Monday, February 11, 2019 / Notices
this notice 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, 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
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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 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:
• 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.
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.
5 15 U.S.C. 1681c(h).
6 15 U.S.C. 1681c.
3 15
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3281
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.
As required by section 315 of the
FACT Act, § 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.
Section 1022.82 requires each user of
consumer reports to develop and
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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Federal Register / Vol. 84, No. 28 / Monday, February 11, 2019 / Notices
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
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DEPARTMENT OF THE TREASURY
Office of Foreign Assets Control
[Case ID VENEZUELA–EO13850–15615]
Notice of OFAC Sanctions Actions
Office of Foreign Assets
Control, Treasury.
ACTION: Notice
AGENCY:
The Department of the
Treasury’s Office of Foreign Assets
Control (OFAC) is: (1) Providing notice
of the sectoral determination by the
Secretary of the Treasury pursuant to
Executive Order 13850 (‘‘Blocking
Property of Additional Persons
Contributing to the Situation in
Venezuela’’) (E.O. 13850); and (2)
publishing the names of one or more
persons that have been placed on
OFAC’s Specially Designated Nationals
and Blocked Persons List based on
OFAC’s determination that one or more
applicable legal criteria were satisfied.
All property and interests in property
subject to U.S. jurisdiction of these
persons are blocked, and U.S. persons
are generally prohibited from engaging
in transactions with them.
DATES: See SUPPLEMENTARY INFORMATION
section for effective date(s).
FOR FURTHER INFORMATION CONTACT:
OFAC: Associate Director for Global
Targeting, tel.: 202–622–2420; Assistant
Director for Sanctions Compliance &
Evaluation, tel.: 202–622–2490;
Assistant Director for Licensing, tel.:
202–622–2480; Assistant Director for
Regulatory Affairs, tel.: 202–622–4855;
or the Department of the Treasury’s
Office of the General Counsel: Office of
the Chief Counsel (Foreign Assets
Control), tel.: 202–622–2410.
SUPPLEMENTARY INFORMATION:
SUMMARY:
Electronic Availability
The Specially Designated Nationals
and Blocked Persons List and additional
information concerning OFAC sanctions
programs are available on OFAC’s
website (https://www.treasury.gov/ofac).
Notice of OFAC Actions
Sectoral Determination by the Secretary
of the Treasury Pursuant to E.O. 13850
On January 28, 2019, the Secretary of
the Treasury made the following
determination:
Section 1(a) of E.O. 13850 imposes
economic sanctions on any person
determined by the Secretary of the
Treasury, in consultation with the
Secretary of State, to operate in such
sectors of the Venezuelan economy as
may be determined, pursuant to section
1(a)(i) of E.O. 13850, by the Secretary of
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the Treasury, in consultation with the
Secretary of State.
To further address the extraordinary
threat to the national security and
foreign policy of the United States
described in E.O. 13850, and in
consultation with the Secretary of State,
I hereby determine that section 1(a)(i)
shall apply to the oil sector of the
Venezuelan economy. Any person I or
my designee subsequently determine, in
consultation with the Secretary of State,
operates in this sector shall be subject
to sanctions pursuant to section 1(a)(i).
Blocking of Property and Interests in
Property Pursuant to E.O. 13850
On January 28, 2019, OFAC
determined that the property and
interests in property subject to U.S.
jurisdiction of the following person is
blocked under the relevant sanctions
authority listed below.
Entity
1. PETROLEOS DE VENEZUELA, S.A.
(a.k.a. PDVSA; a.k.a. PETROLEOS DE
VENEZUELA S A; a.k.a. PETROLEOS
DE VENEZUELA S.A; a.k.a. REFINERIA
EL PALITO), Edificio Petroleos De
Venezuela, Torre Este, Piso 9, Avenida
Libertador con calle El Empalme, La
Campina, Caracas 1010, Venezuela;
Torre Este Piso 9, Edif Petroleos de
Venezuela, Avenida Libertador, Urb La
Campina, Caracas, Distrito Federal,
Venezuela; RIF # J–00095036–9
(Venezuela) [VENEZUELA–EO13850].
Designated pursuant to section 1(a)(i)
of Executive Order 13850 of November
1, 2018, ‘‘Blocking Property of
Additional Persons Contributing to the
Situation in Venezuela’’ (E.O. 13850),
for operating in the oil sector of the
Venezuelan economy.
Dated: January 28, 2019.
Andrea Gacki,
Director, Office of Foreign Assets Control.
[FR Doc. 2019–01796 Filed 2–8–19; 8:45 am]
BILLING CODE 4810–AL–P
DEPARTMENT OF VETERANS
AFFAIRS
VA Prevention of Fraud, Waste, and
Abuse Advisory Committee—Notice of
Meeting
The Department of Veterans Affairs
(VA) gives notice under the Federal
Advisory Committee that the VA
Prevention of Fraud, Waste, and Abuse
Advisory Committee will meet virtually
on April 9, 2019 from 12:00 p.m. until
2:30 p.m. (EDT). The toll-free telephone
number for this meeting is (844) 825–
8490, access code: 734168606#. (Note:
Note: The telephone line will be muted
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]]>Agencies
[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]
-----------------------------------------------------------------------
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.
-----------------------------------------------------------------------
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: 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
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
oira_submission@omb.eop.gov.
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:
---------------------------------------------------------------------------
\1\ On November 13, 2018 the OCC published a 60-day notice for
this information 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, 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:
---------------------------------------------------------------------------
\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 \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
