Regulation S-ID, Identity Theft Red Flags Rules

Forms and Documents

Document Name	Status
REG S-ID SUPPORTING STATEMENT.pdf Supporting Statement A	2016-04-22

IC Document Collections

IC ID	Document Title	Status
201690	Regulation S-ID	Modified

ICR Details

OMB Control No: 3235-0692	ICR Reference No: 201512-3235-007
Status: Historical Active	Previous ICR Reference No: 201304-3235-006
Agency/Subagency: SEC	Agency Tracking No: IM-270-644
Title: Regulation S-ID, Identity Theft Red Flags Rules
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 07/27/2016
	Date Received in OIRA: 04/22/2016
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	07/31/2019	36 Months From Approved	07/31/2016
Responses	10,604	0	11,007
Time Burden (Hours)	113,226	0	95,272
Cost Burden (Dollars)	0	0	0

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Abstract: Regulation S-ID, and the information collection it requires, is designed to better protect consumers from the risks of identity theft. The regulation requires entities that are subject to the Commission's jurisdiction to address identity theft in two ways. First, the rules and guidelines require financial institutions and creditors to develop and implement a written identity theft prevention program designed to detect, prevent, and mitigate identity theft in connection with certain existing accounts or the opening of new accounts. Second, the rules establish special requirements for any credit and debit card issuers that are subject to the Commission's jurisdiction, to assess the validity of notifications of changes of address under certain circumstances.

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Authorizing Statute(s): US Code: 15 USC 1681 Name of Law: Fair Credit Reporting Act
  

Citations for New Statutory Requirements: PL: Pub.L. 111 - 203 1088(a)(8) Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	80 FR 77398	12/14/2015
30-day Notice:	Federal Register Citation:	Citation Date:
	81 FR 8766	02/22/2016
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Regulation S-ID

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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	10,604	11,007	0	0	-403	0
Annual Time Burden (Hours)	113,226	95,272	0	0	17,954	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: The estimated total annual burden hours increased 17,954 hours, from 95,272 hours to 113,226 hours. This change in burden hours is primarily attributable to changes in the staff’s estimates of the ongoing annual burden hours associated with compliance with Regulation S ID.

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Annual Cost to Federal Government:

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]? No

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

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

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: 04/22/2016

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