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Federal forms, ICRs, and supporting documents

Information Collection Request

The Red Flags Regulations (Under the Fair and Accurate Credit Transactions Act)

ICR 202201-3084-002 · OMB 3084-0137 · Received in OIRA

Forms and Documents
DocumentTypeStatusAvailability
Red Flags SS - 01-27-2022.pdf Supporting Statement A Uploaded 2022-01-27 Missing upstream
IC Document Collections
IC IDCollectionTypeStatusForm
251175 Address Discrepancies Rule: New Entities developing procedures to reconcile address discrepancies New
251174 Card Issuers Rule: New Entities creating procedures to assess validity of address change New
251173 Red Flags Rule: New Low-risk Entities avg. time to create & implement a streamlined written Program, prepare ann'l rpt, conduct training New
251172 Red Flags Rule: New High-risk Entities avg time to create and implement a written Program, prepare ann'l rpt, conduct training New
190212 Address Discrepancies Rule: Existing Entities updating procedures to reconcile address discrepancies Modified
190211 Card Issuers Rule: Existing Entities updating procedures to assess validity of address change Modified
190210 Red Flags Rule: Existing Low-risk Entities avg. time to update a streamlined written Program, prepare ann'l rpt, conduct training Modified
190209 Red Flags Rule: Existing High-risk Entities avg time to update a written Program, prepare ann'l rpt, conduct training Modified
ICR Details
3084-0137 202201-3084-002
Received in OIRA 201810-3084-001
FTC
The Red Flags Regulations (Under the Fair and Accurate Credit Transactions Act)
Extension without change of a currently approved collection   No
Regular 01/27/2022
  Requested Previously Approved
36 Months From Approved 01/31/2022
227,485 295,327
397,298 1,385,290
0 0
The Rule implements sections 114 and 315 of the Fair and Accurate Credit Transactions Act of 2003 ("FACT Act"), as amended by the Red Flags Program Clarification Act of 2010. These rules enhance the ability of consumers to resolve problems caused by identity theft and increase the accuracy of consumer reports.
PL: Pub.L. 108 - 159 114, 315 Name of Law: Fair and Accurate Credit Transactions Act
  
US Code: 15 USC 1681m(e)(4) Name of Law: Red Flag Program Clarification Act of 2010
PL: Pub.L. 111 - 203 1088 Name of Law: Dodd Frank Wall Street Reform and Consumer Protection Act,
Not associated with rulemaking
  86 FR 57425 10/15/2021
87 FR 4240 01/27/2022
No
  Total Request 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 227,485 295,327 0 0 -67,842 0
Annual Time Burden (Hours) 397,298 1,385,290 0 0 -987,992 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No
The estimates for 2018-2019 greatly overstated the number of businesses that would be required to comply with the Address Discrepancy Rule. The Rule covers only users of consumer reports that are motor vehicle dealers described in section 1029(a) of the Dodd-Frank Act and that are predominantly engaged in the sale and servicing of motor vehicles, the leasing and servicing of them, or both. Thus, the annual burden hours and labor costs were significantly adjusted downward for 2021-2022.
$65,516
No
    No
    No
No
No
No
No
Whitney Moore 202 326-2645 [email protected]
  No
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.
01/27/2022