[Federal Register Volume 78, Number 139 (Friday, July 19, 2013)]
[Notices]
[Pages 43239-43241]
From the Federal Register Online via the Government Publishing 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
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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: [email protected].
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
[email protected], 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