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OMB Control No: 3084-0137	ICR Reference No: 201209-3084-001
Status: Historical Active	Previous ICR Reference No: 200908-3084-001
Agency/Subagency: FTC	Agency Tracking No:
Title: The Red Flags Regulations (Under the Fair and Accurate Credit Transactions Act)
Type of Information Collection: Revision of a currently approved collection	Common Form ICR: No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 12/11/2012
	Date Received in OIRA: 09/25/2012
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	12/31/2015	36 Months From Approved	12/31/2012
Responses	1,953,002	0	3,665,160
Time Burden (Hours)	2,306,904	0	6,151,062
Cost Burden (Dollars)	0	0	0

Abstract: 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.

Authorizing Statute(s): PL: Pub.L. 108 - 159 114, 315 Name of Law: Fair and Accurate Credit Transactions Act

Citations for New Statutory Requirements: 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,

Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	77 FR 40614	07/10/2012
30-day Notice:	Federal Register Citation:	Citation Date:
	77 FR 58994	09/25/2012
Did the Agency receive public comments on this ICR? No

ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Adjustment in Estimate
Annual Number of Responses	1,953,002	3,665,160	-1,628,589	-83,569
Annual Time Burden (Hours)	2,306,904	6,151,062	-3,500,644	-343,514
Annual Cost Burden (Dollars)	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: Regarding the rules under section 114 of the FACT Act (Red Flags and Card Issuers Rules), the FTC's reduced population estimates for its PRA burden calculations are largely attributable to two statutory changes since the last clearance. First, since the FTC's preceding clearance request of 2009, President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act, which, among other things, transferred rulemaking responsibility to and established enforcement authority for the CFTC and the SEC with respect to their respective jurisdiction. Entities within the jurisdiction of the CFTC and SEC include certain brokers, dealers, investment companies, investment advisors futures commission merchants, retail foreign exchange dealers, commodity trading advisors, commodity pool operators, introducing brokers, swap dealers, and major swap participants. The CFTC and SEC are now accounting for these entities in their Paperwork Reduction Act estimated burdens. Second, in 2010, President Obama signed the Clarification Act, which reduced the number of creditors covered by the Red Flags Rule. While the Clarification Act does not set forth specific industry exemptions, it provides that, to be covered by the Red Flags Rule, creditors must use consumer reports, furnish information to consumer reporting agencies, or advance funds to consumers. As a result, the number of creditors especially small businesses and service providers has been greatly reduced. For the Address Discrepancy Rule, under FACT Act section 315, however, FTC staff estimates that the number of covered entities (users of consumer reports) has increased from the approximately 1.66 million previously estimated to 1,757,385 users of consumer reports, based on more recent data.

Annual Cost to Federal Government: $56,385

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

Agency Contact: Steven Toporoff 202 326-3135 stoporoff@ftc.gov

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