The Reg Flags Regulations (The Fair and Accurate Credit Transactions Actions)

ICR 200908-3084-001

OMB: 3084-0137

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2009-08-25
ICR Details
3084-0137 200908-3084-001
Historical Active 200607-3084-001
FTC
The Reg Flags Regulations (The Fair and Accurate Credit Transactions Actions)
Revision of a currently approved collection   No
Regular
Approved without change 11/04/2009
Retrieve Notice of Action (NOA) 08/25/2009
  Inventory as of this Action Requested Previously Approved
11/30/2012 36 Months From Approved 11/30/2009
3,665,160 0 12,749,000
6,151,062 0 7,110,000
0 0 0

The proposed Red Flags Regulations would require financial institutions and creditors to establish reasonable policies and procedures to address the risk of identity theft. Moreover, financial institutions and creditors would be required to create an Identify Theft Prevention Program and report to the board of..

PL: Pub.L. 108 - 159 114, 315 Name of Law: Fair and Accurate Credit Transactions Act
  
None

Not associated with rulemaking

  74 FR 18709 04/24/2009
74 FR 42303 08/25/2009
No

  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 3,665,160 12,749,000 0 -12,749,000 3,665,160 0
Annual Time Burden (Hours) 6,151,062 7,110,000 0 -7,110,000 6,151,062 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
Yes
Miscellaneous Actions
The primary factor in the reduced totals is staff’s newly accounting for an estimated number of low-risk entities under section 114 that do not have covered accounts (9,191,496), which is the large bulk of low-risk entities. As the Red Flags Rule does not require entities that determine that they do not have any covered accounts to create a written Program, they are appropriately excluded from the revised PRA burden calculations.

$15,600
No
No
Uncollected
Uncollected
No
Uncollected
Steven Toporoff 202 326-3135 stoporoff@ftc.gov

  No

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:
 
 
 
 
 
 
 
    (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;
 
 
 
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.
08/25/2009


© 2024 OMB.report | Privacy Policy