Disclosure Requirements Associated with Regulation V

Forms and Documents

Document Name	Status
RegV_RedFlags_R_1255.20080206.omb.doc Supporting Statement A	2008-02-06
RegV.RedFlags.R1255.20071031.P.R.pdf Supplementary Document	2008-01-10

IC Document Collections

IC ID	Document Title	Status
36366	Reg V - CRA notice (Section 217)	Modified
183354	Reg V - Identity Theft Red Flags and Address Discrepancies (Sections 114 and 315)	New
182766	Reg V - Affiliate Marketing Consumer Response (Section 214)	Modified
182765	Reg V - Affiliate Marketing Financial Institution opt-out notice (Section 214)	Modified

ICR Details

OMB Control No: 7100-0308	ICR Reference No: 200801-7100-004
Status: Historical Active	Previous ICR Reference No: 200711-7100-014
Agency/Subagency: FRS	Agency Tracking No: Reg V (Red Flags R-1255)
Title: Disclosure Requirements Associated with Regulation V
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Delegated
OIRA Conclusion Action: Approved without change	Conclusion Date: 02/06/2008
	Date Received in OIRA: 02/06/2008
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	11/30/2010	11/30/2010	11/30/2010
Responses	672,171	0	670,999
Time Burden (Hours)	155,892	0	107,840
Cost Burden (Dollars)	0	0	0

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Abstract: On July 18, 2006, the Federal Reserve Board, Office of the Comptroller of the Currency, Treasury; Federal Deposit Insurance Corporation; Office of Thrift Supervision, Treasury; and National Credit Union Administration, (the Agencies) published a joint notice of proposed rulemaking (71 FR 40786) to implement the provisions in sections 114 and 315 of the Fair and Accurate Credit Transactions Act (FACT Act) of 2003, which amends the FCRA. The proposed regulation requires each financial institution or creditor to develop and implement a written Identity Theft Prevention Program to detect, prevent, and mitigate identity theft in connection with the opening of certain accounts or certain existing accounts. In addition, the Agencies would issue guidelines to assist financial institutions and creditors in the formulation and maintenance of a Program that satisfies the requirements of the rules. The rules implementing section 114 also require credit and debit card issuers to assess the validity of notifications of changes of address under certain circumstances. Additionally, the Agencies would issue joint rules under section 315 that provide guidance regarding reasonable policies and procedures that a user of consumer reports must employ when a consumer reporting agency sends the user a notice of address discrepancy. The comment period for this notice expired on September 18, 2006. The Agencies received over 100 comment letters from industry groups and consumers. On November 9, 2007, a joint notice of final rulemaking was published in the Federal Register adopting the amendments, with mandatory compliance by November 1, 2008 (72 FR 63718).

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Authorizing Statute(s): US Code: 15 USC 1681 Name of Law: Fair Credit Reporting Act
   PL: Pub.L. 108 - 159 Secs 3 and 214 Name of Law: Fair Credit Reporting Act
  

Citations for New Statutory Requirements: US Code: 15 USC 1681 Name of Law: Fair Credit Reporting Act

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
7100-AD14	Final or interim final rulemaking	72 FR 63718	11/09/2007

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	71 FR 40786	07/16/2006
30-day Notice:	Federal Register Citation:	Citation Date:
	72 FR 63718	11/09/2007
Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 4

IC Title	Form No.	Form Name
Reg V - CRA notice (Section 217)
Reg V - Affiliate Marketing Financial Institution opt-out notice (Section 214)
Reg V - Affiliate Marketing Consumer Response (Section 214)
Reg V - Identity Theft Red Flags and Address Discrepancies (Sections 114 and 315)

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ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	672,171	670,999	1,172	0	0	0
Annual Time Burden (Hours)	155,892	107,840	48,052	0	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement:

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? Uncollected

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Uncollected

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? Uncollected

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 02/06/2008

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