Federal Deposit Insurance Corporation
550 17th Street NW, Washington, DC 20429 Division of Supervision and Consumer Protection
Disposal of Consumer Information
FIL-73-2004
June 17, 2004
TO: CHIEF EXECUTIVE OFFICER
SUBJECT: Notice of Proposed Rulemaking on Disposal of Consumer Information
Summary: The federal bank and thrift regulators are inviting public comment on the attached
interagency proposal to amend the customer information security guidelines to
require financial institutions to properly dispose of consumer information. This
proposal is pursuant to section 216 of the Fair and Accurate Credit Transactions
Act of 2003 (FACT Act). Comments are due by July 23, 2004.
The Federal Deposit Insurance Corporation (FDIC), in conjunction with the other federal bank
and thrift regulators, is proposing to amend its customer information security guidelines to
require financial institutions to properly dispose of consumer information. Comments on the
proposal are due by July 23, 2004.
Current law requires financial institutions to protect customer information by implementing
information security programs. The attached proposed rule would require institutions to amend
their information security programs to address the proper disposal of consumer information.
This would include information from credit reports about a financial institution's employee or any
individuals whose application for a product or service is denied.
This proposal would implement section 216 of the Fair and Accurate Credit Transactions Act of
2003 by amending 12 CFR 364, Appendix B.
For more information, please contact Jeffrey M. Kopchik, Senior Policy Analyst, at (202) 898-
3872, or Robert Patrick, Counsel, at (202) 898-3757.
For your reference, FDIC Financial Institution Letters may be accessed from the FDIC's Web
site at http://www.fdic.gov/news/news/financial/2004/index.html.
Michael J. Zamorski
Director
Division of Supervision and Consumer Protection
# # #
Attachment:
• June 8, 2003, Federal Register, pages 31913-31922 - PDF 88k
Distribution: FDIC-Supervised Banks (Commercial and Savings)
NOTE: Paper copies of FDIC financial institution letters may be obtained through the FDIC’s
Public Information Center, 801 17th Street, NW, Room 100, Washington, DC 20434 (1-877-275-
3342 or (703) 562-2200).Inactive
550 17th Street NW, Washington, DC 20429 Division of Supervision and Consumer Protection
Disposal of Consumer Information
FIL-73-2004
June 17, 2004
TO: CHIEF EXECUTIVE OFFICER
SUBJECT: Notice of Proposed Rulemaking on Disposal of Consumer Information
Summary: The federal bank and thrift regulators are inviting public comment on the attached
interagency proposal to amend the customer information security guidelines to
require financial institutions to properly dispose of consumer information. This
proposal is pursuant to section 216 of the Fair and Accurate Credit Transactions
Act of 2003 (FACT Act). Comments are due by July 23, 2004.
The Federal Deposit Insurance Corporation (FDIC), in conjunction with the other federal bank
and thrift regulators, is proposing to amend its customer information security guidelines to
require financial institutions to properly dispose of consumer information. Comments on the
proposal are due by July 23, 2004.
Current law requires financial institutions to protect customer information by implementing
information security programs. The attached proposed rule would require institutions to amend
their information security programs to address the proper disposal of consumer information.
This would include information from credit reports about a financial institution's employee or any
individuals whose application for a product or service is denied.
This proposal would implement section 216 of the Fair and Accurate Credit Transactions Act of
2003 by amending 12 CFR 364, Appendix B.
For more information, please contact Jeffrey M. Kopchik, Senior Policy Analyst, at (202) 898-
3872, or Robert Patrick, Counsel, at (202) 898-3757.
For your reference, FDIC Financial Institution Letters may be accessed from the FDIC's Web
site at http://www.fdic.gov/news/news/financial/2004/index.html.
Michael J. Zamorski
Director
Division of Supervision and Consumer Protection
# # #
Attachment:
• June 8, 2003, Federal Register, pages 31913-31922 - PDF 88k
Distribution: FDIC-Supervised Banks (Commercial and Savings)
NOTE: Paper copies of FDIC financial institution letters may be obtained through the FDIC’s
Public Information Center, 801 17th Street, NW, Room 100, Washington, DC 20434 (1-877-275-
3342 or (703) 562-2200).Inactive