Part 162 - Protection of Consumer Information under the Fair Credit Reporting Act

Forms and Documents

Document Name	Status
(2016) Federal Registry Notice-0067.pdf Supplementary Document	2016-08-02
Supporting Statement for 30-Day Notice for ID Theft Red Flag Rules 7-27-16 Edits 11-21-16.doc Supporting Statement A	2016-11-29

IC Document Collections

IC ID	Document Title	Status
194902	Collection 3038–0067, Part 162 Subpart C-Identity Theft Red Flags	Modified

ICR Details

OMB Control No: 3038-0067	ICR Reference No: 201607-3038-001
Status: Historical Active	Previous ICR Reference No: 201304-3038-003
Agency/Subagency: CFTC	Agency Tracking No:
Title: Part 162 - Protection of Consumer Information under the Fair Credit Reporting Act
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved with change	Conclusion Date: 11/30/2016
	Date Received in OIRA: 08/02/2016
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	11/30/2019	36 Months From Approved	11/30/2016
Responses	4,622	0	115,911
Time Burden (Hours)	10,723	0	405,689
Cost Burden (Dollars)	0	0	0

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Abstract: The CFTC and the SEC jointly issued final rules and guidelines to require certain regulated entities to establish programs to address risks of identity theft. Financial institutions and creditors, subject to the jurisdiction of each agency, must develop and implement ID theft prevention programs, and credit and debit card issuers must assess the validity of notifications of changes of addresses under certain circumstances. This collection of information is needed because under Part 162 Subpart C-Identify Theft, CFTC regulated entities are required to develop and implement reasonable policies and procedures to identify, detect, and respond to relevant red flags (the Identity Theft Red Flags Rules) and, in the case of entities that issue credit or debit cards, to assess the validity of, and communicate with cardholders regarding, address changes. The Commission uses the collection of information to discharge its regulatory responsibilities to protect investors from the risks of identity theft.

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Authorizing Statute(s): US Code: 15 USC 1681 Name of Law: FCRA-Identity Theft
   PL: Pub.L. 111 - 203 124 Stat. 1376 (2010) Name of Law: Dodd-Frank Act
  

Citations for New Statutory Requirements: PL: Pub.L. 111 - 203 124 Stat. 1376 (2010) Name of Law: Dodd-Frank Wall Street Reform

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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:
	81 FR 35001	06/01/2016
30-day Notice:	Federal Register Citation:	Citation Date:
	81 FR 50692	08/02/2016
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
Collection 3038–0067, Part 162 Subpart C-Identity Theft Red Flags

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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	4,622	115,911	0	-111,289	0	0
Annual Time Burden (Hours)	10,723	405,689	0	-394,966	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: Yes

Burden Reduction Due to: Miscellaneous Actions

Short Statement: The estimated total annual burden decreased to 10,723 hours. The decrease in burden is primarily attributable to fewer newly formed CFTC- regulated entities.

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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]? 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: 08/02/2016

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