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..
The primary factor in the reduced totals is staffÂs 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.
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:
(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;
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.
Red Flags '09 SS FIN_mtd.pdf
The Reg Flags Regulations (The Fair and Accurate Credit Transactions Actions)