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

Forms and Documents

Document Name	Status
Red Flags '09 SS FIN_mtd.pdf Supporting Statement A	2009-08-25

IC Document Collections

IC ID	Document Title	Status
44185	The Reg Flags Regulations (The Fair and Accurate Credit Transactions Actions)	Removed
190213	Address Discrepancies Rule: users of consumer rpts having to furnish to CRAs an address confirmation	New
190212	Address Discrepancies Rule: developing procedures to reconcile address discrepancies	New
190211	Card Issuers Rule: creating procedures to assess validity of address change	New
190210	Red Flags Rule: Low-risk entities avg. time to create & implement a streamlined written Program, prepare ann'l rpt, conduct training	New
190209	Red Flags Rule: High-risk entities avg time to create & implement a written Program, prepare ann'l rpt, conduct training	New

ICR Details

OMB Control No: 3084-0137	ICR Reference No: 200908-3084-001
Status: Historical Active	Previous ICR Reference No: 200607-3084-001
Agency/Subagency: FTC	Agency Tracking No:
Title: The Reg Flags Regulations (The Fair and Accurate Credit Transactions Actions)
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 11/04/2009
	Date Received in OIRA: 08/25/2009
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	11/30/2012	36 Months From Approved	11/30/2009
Responses	3,665,160	0	12,749,000
Time Burden (Hours)	6,151,062	0	7,110,000
Cost Burden (Dollars)	0	0	0

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Abstract: 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..

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Authorizing Statute(s): PL: Pub.L. 108 - 159 114, 315 Name of Law: Fair and Accurate Credit Transactions Act
  

Citations for New Statutory Requirements: None

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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:
	74 FR 18709	04/24/2009
30-day Notice:	Federal Register Citation:	Citation Date:
	74 FR 42303	08/25/2009
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 5

IC Title	Form No.	Form Name
Red Flags Rule: Low-risk entities avg. time to create & implement a streamlined written Program, prepare ann'l rpt, conduct training
Address Discrepancies Rule: users of consumer rpts having to furnish to CRAs an address confirmation
The Reg Flags Regulations (The Fair and Accurate Credit Transactions Actions)
Red Flags Rule: High-risk entities avg time to create & implement a written Program, prepare ann'l rpt, conduct training
Card Issuers Rule: creating procedures to assess validity of address change
Address Discrepancies Rule: developing procedures to reconcile address discrepancies

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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	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

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: Yes

Burden Reduction Due to: Miscellaneous Actions

Short Statement: 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.

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Annual Cost to Federal Government: $15,600

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)? 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: 08/25/2009

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