🛡️Identity Theft Regulations and Compliance Requirements Overview
Agency Information Collection Activities: Information Collection Renewal; Submission for OMB Review; Identity Theft Red Flags and Address Discrepancies Under the Fair and Accurate Credit Transactions Act of 2003
Summary
The OCC, as part of its continuing effort to reduce paperwork and respondent burden, invites comment on a continuing information collection, as required by the Paperwork Reduction Act of 1995 (PRA). In accordance with the requirements of the PRA, the OCC may not conduct or sponsor, and the respondent is not required to respond to, an information collection unless it displays a currently valid Office of Management and Budget (OMB) control number. The OCC is soliciting comment concerning the renewal of its information collection titled, "Identity Theft Red Flags and Address Discrepancies under the Fair and Accurate Credit Transactions Act of 2003." The OCC also is giving notice that it has sent the collection to OMB for review.
Agencies
- Treasury Department
- Comptroller of the Currency
Business Impact
$$$ - High
The content outlines compliance and regulatory requirements related to identity theft prevention under the Fair and Accurate Credit Transactions Act. Businesses, especially financial institutions, must develop and implement programs to manage these risks, which directly impacts operational practices and costs.