Tuesday,
July 18, 2006
Part II
Department of the Treasury
Office of the Comptroller of the
Currency
12 CFR Part 41
Federal Reserve System
12 CFR Part 222
Federal Deposit Insurance
Corporation
12 CFR Parts 334 and 364
Department of the Treasury
Office of Thrift Supervision
12 CFR Part 571
National Credit Union
Administration
12 CFR Part 717
Federal Trade Commission
16 CFR Part 681
Identity Theft Red Flags and Address
Discrepancies Under the Fair and
Accurate Credit Transactions Act of 2003;
Proposed Rule
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July 18, 2006
Part II
Department of the Treasury
Office of the Comptroller of the
Currency
12 CFR Part 41
Federal Reserve System
12 CFR Part 222
Federal Deposit Insurance
Corporation
12 CFR Parts 334 and 364
Department of the Treasury
Office of Thrift Supervision
12 CFR Part 571
National Credit Union
Administration
12 CFR Part 717
Federal Trade Commission
16 CFR Part 681
Identity Theft Red Flags and Address
Discrepancies Under the Fair and
Accurate Credit Transactions Act of 2003;
Proposed Rule
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40786 Federal Register / Vol. 71, No. 137 / Tuesday, July 18, 2006 / Proposed Rules
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the
Currency
12 CFR Part 41
[Docket No. 06–07]
RIN 1557–AC87
FEDERAL RESERVE SYSTEM
12 CFR Part 222
[Docket No. R–1255]
FEDERAL DEPOSIT INSURANCE
CORPORATION
12 CFR Parts 334 and 364
RIN 3064–AD00
DEPARTMENT OF THE TREASURY
Office of Thrift Supervision
12 CFR Part 571
[No. 2006–19]
RIN 1550–AC04
NATIONAL CREDIT UNION
ADMINISTRATION
12 CFR Part 717
FEDERAL TRADE COMMISSION
16 CFR Part 681
RIN 3084–AA94
Identity Theft Red Flags and Address
Discrepancies Under the Fair and
Accurate Credit Transactions Act of
2003
AGENCIES: Office of the Comptroller of
the Currency, Treasury (OCC); Board of
Governors of the Federal Reserve
System (Board); Federal Deposit
Insurance Corporation (FDIC); Office of
Thrift Supervision, Treasury (OTS);
National Credit Union Administration
(NCUA); and Federal Trade Commission
(FTC or Commission).
ACTION: Joint notice of proposed
rulemaking.
SUMMARY: The OCC, Board, FDIC, OTS,
NCUA and FTC (the Agencies) request
comment on a proposal that would
implement sections 114 and 315 of the
Fair and Accurate Credit Transactions
Act of 2003 (FACT Act). As required by
section 114, the Agencies are jointly
proposing guidelines for financial
institutions and creditors identifying
patterns, practices, and specific forms of
activity, that indicate the possible
existence of identity theft. The Agencies
also are proposing joint regulations
requiring each financial institution and
creditor to establish reasonable policies
and procedures for implementing the
guidelines, including a provision
requiring credit and debit card issuers to
assess the validity of a request for a
change of address under certain
circumstances.
In addition, the Agencies are
proposing joint regulations under
section 315 that provide guidance
regarding reasonable policies and
procedures that a user of consumer
reports must employ when such a user
receives a notice of address discrepancy
from a consumer reporting agency.
DATES: Comments must be submitted on
or before September 18, 2006.
ADDRESSES: The Agencies will jointly
review all of the comments submitted.
Therefore, you may comment to any of
the Agencies and you need not send
comments (or copies) to all of the
Agencies. Because paper mail in the
Washington area and at the Agencies is
subject to delay, please submit your
comments by e-mail whenever possible.
Commenters are encouraged to use the
title ‘‘Red Flags Rule’’ in addition to the
docket or RIN number to facilitate the
organization and distribution of
comments among the Agencies.
Interested parties are invited to submit
comments in accordance with the
following instructions:
OCC: You should designate OCC in
your comment and include Docket
Number 06–07. You may submit
comments by any of the following
methods:
• Federal eRulemaking Portal: http://
www.regulations.gov. Follow the
instructions for submitting comments.
• OCC Web site: http://
www.occ.treas.gov. Click on ‘‘Contact
the OCC,’’ scroll down and click on
‘‘Comments on Proposed Regulations.’’
• E-mail address: regs.comments@
occ.treas.gov.
• Fax: (202) 874–4448.
• Mail: Office of the Comptroller of
the Currency, 250 E Street, SW., Public
Reference Room, Mail Stop 1–5,
Washington, DC 20219.
• Hand Delivery/Courier: 250 E
Street, SW., Attn: Public Reference
Room, Mail Stop 1–5, Washington, DC
20219.
Instructions: All submissions received
must include the agency name (OCC)
and docket number or Regulatory
Information Number (RIN) for this
notice of proposed rulemaking. In
general, the OCC will enter all
comments received into the docket
without change, including any business
or personal information that you
provide.
You may review the comments
received by the OCC and other related
materials by any of the following
methods:
• Viewing Comments Personally: You
may personally inspect and photocopy
comments received at the OCC’s Public
Reference Room, 250 E Street, SW.,
Washington, DC. You can make an
appointment to inspect comments by
calling (202) 874–5043.
• Viewing Comments Electronically:
You may request e-mail or CD–ROM
copies of comments that the OCC has
received by contacting the OCC’s Public
Reference Room at
regs.comments@occ.treas.gov.
• Docket: You may also request
available background documents using
the methods described earlier.
Board: You may submit comments,
identified by Docket No. R–1255, by any
of the following methods:
• Agency Web site: http://
www.federalreserve.gov. Follow the
instructions for submitting comments at
http://www.federalreserve.gov/
generalinfo/foia/ProposedRegs.cfm.
• Federal eRulemaking Portal: http://
www.regulations.gov. Follow the
instructions for submitting comments.
• E-mail:
regs.comments@federalreserve.gov.
Include docket number in the subject
line of the message.
• FAX: 202/452–3819 or 202/452–
3102.
• Mail: Jennifer J. Johnson, Secretary,
Board of Governors of the Federal
Reserve System, 20th Street and
Constitution Avenue, NW., Washington,
DC 20551.
All public comments are available
from the Board’s Web site at
www.federalreserve.gov/generalinfo/
foia/ProposedRegs.cfm as submitted,
unless modified for technical reasons.
Accordingly, your comments will not be
edited to remove any identifying or
contact information. Public comments
may also be viewed electronically or in
paper in Room MP–500 of the Board’s
Martin Building (20th and C Streets,
NW.) between 9 a.m. and 5 p.m. on
weekdays.
FDIC: You may submit comments,
identified by RIN number by any of the
following methods:
• Agency Web site: http://
www.fdic.gov/regulations/laws/federal/
propose.html. Follow instructions for
submitting comments on the Agency
Web site.
• E-mail: Comments@FDIC.gov.
Include the RIN number in the subject
line of the message.
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DEPARTMENT OF THE TREASURY
Office of the Comptroller of the
Currency
12 CFR Part 41
[Docket No. 06–07]
RIN 1557–AC87
FEDERAL RESERVE SYSTEM
12 CFR Part 222
[Docket No. R–1255]
FEDERAL DEPOSIT INSURANCE
CORPORATION
12 CFR Parts 334 and 364
RIN 3064–AD00
DEPARTMENT OF THE TREASURY
Office of Thrift Supervision
12 CFR Part 571
[No. 2006–19]
RIN 1550–AC04
NATIONAL CREDIT UNION
ADMINISTRATION
12 CFR Part 717
FEDERAL TRADE COMMISSION
16 CFR Part 681
RIN 3084–AA94
Identity Theft Red Flags and Address
Discrepancies Under the Fair and
Accurate Credit Transactions Act of
2003
AGENCIES: Office of the Comptroller of
the Currency, Treasury (OCC); Board of
Governors of the Federal Reserve
System (Board); Federal Deposit
Insurance Corporation (FDIC); Office of
Thrift Supervision, Treasury (OTS);
National Credit Union Administration
(NCUA); and Federal Trade Commission
(FTC or Commission).
ACTION: Joint notice of proposed
rulemaking.
SUMMARY: The OCC, Board, FDIC, OTS,
NCUA and FTC (the Agencies) request
comment on a proposal that would
implement sections 114 and 315 of the
Fair and Accurate Credit Transactions
Act of 2003 (FACT Act). As required by
section 114, the Agencies are jointly
proposing guidelines for financial
institutions and creditors identifying
patterns, practices, and specific forms of
activity, that indicate the possible
existence of identity theft. The Agencies
also are proposing joint regulations
requiring each financial institution and
creditor to establish reasonable policies
and procedures for implementing the
guidelines, including a provision
requiring credit and debit card issuers to
assess the validity of a request for a
change of address under certain
circumstances.
In addition, the Agencies are
proposing joint regulations under
section 315 that provide guidance
regarding reasonable policies and
procedures that a user of consumer
reports must employ when such a user
receives a notice of address discrepancy
from a consumer reporting agency.
DATES: Comments must be submitted on
or before September 18, 2006.
ADDRESSES: The Agencies will jointly
review all of the comments submitted.
Therefore, you may comment to any of
the Agencies and you need not send
comments (or copies) to all of the
Agencies. Because paper mail in the
Washington area and at the Agencies is
subject to delay, please submit your
comments by e-mail whenever possible.
Commenters are encouraged to use the
title ‘‘Red Flags Rule’’ in addition to the
docket or RIN number to facilitate the
organization and distribution of
comments among the Agencies.
Interested parties are invited to submit
comments in accordance with the
following instructions:
OCC: You should designate OCC in
your comment and include Docket
Number 06–07. You may submit
comments by any of the following
methods:
• Federal eRulemaking Portal: http://
www.regulations.gov. Follow the
instructions for submitting comments.
• OCC Web site: http://
www.occ.treas.gov. Click on ‘‘Contact
the OCC,’’ scroll down and click on
‘‘Comments on Proposed Regulations.’’
• E-mail address: regs.comments@
occ.treas.gov.
• Fax: (202) 874–4448.
• Mail: Office of the Comptroller of
the Currency, 250 E Street, SW., Public
Reference Room, Mail Stop 1–5,
Washington, DC 20219.
• Hand Delivery/Courier: 250 E
Street, SW., Attn: Public Reference
Room, Mail Stop 1–5, Washington, DC
20219.
Instructions: All submissions received
must include the agency name (OCC)
and docket number or Regulatory
Information Number (RIN) for this
notice of proposed rulemaking. In
general, the OCC will enter all
comments received into the docket
without change, including any business
or personal information that you
provide.
You may review the comments
received by the OCC and other related
materials by any of the following
methods:
• Viewing Comments Personally: You
may personally inspect and photocopy
comments received at the OCC’s Public
Reference Room, 250 E Street, SW.,
Washington, DC. You can make an
appointment to inspect comments by
calling (202) 874–5043.
• Viewing Comments Electronically:
You may request e-mail or CD–ROM
copies of comments that the OCC has
received by contacting the OCC’s Public
Reference Room at
regs.comments@occ.treas.gov.
• Docket: You may also request
available background documents using
the methods described earlier.
Board: You may submit comments,
identified by Docket No. R–1255, by any
of the following methods:
• Agency Web site: http://
www.federalreserve.gov. Follow the
instructions for submitting comments at
http://www.federalreserve.gov/
generalinfo/foia/ProposedRegs.cfm.
• Federal eRulemaking Portal: http://
www.regulations.gov. Follow the
instructions for submitting comments.
• E-mail:
regs.comments@federalreserve.gov.
Include docket number in the subject
line of the message.
• FAX: 202/452–3819 or 202/452–
3102.
• Mail: Jennifer J. Johnson, Secretary,
Board of Governors of the Federal
Reserve System, 20th Street and
Constitution Avenue, NW., Washington,
DC 20551.
All public comments are available
from the Board’s Web site at
www.federalreserve.gov/generalinfo/
foia/ProposedRegs.cfm as submitted,
unless modified for technical reasons.
Accordingly, your comments will not be
edited to remove any identifying or
contact information. Public comments
may also be viewed electronically or in
paper in Room MP–500 of the Board’s
Martin Building (20th and C Streets,
NW.) between 9 a.m. and 5 p.m. on
weekdays.
FDIC: You may submit comments,
identified by RIN number by any of the
following methods:
• Agency Web site: http://
www.fdic.gov/regulations/laws/federal/
propose.html. Follow instructions for
submitting comments on the Agency
Web site.
• E-mail: Comments@FDIC.gov.
Include the RIN number in the subject
line of the message.
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