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TREAS/OCC RIN: 1557-AC87 Publication ID: Spring 2005 
Title: Identity Theft Detection, Prevention, and Mitigation Program for Financial Institutions and Creditors 
Abstract: OCC, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of Thrift Supervision (the Federal Banking Agencies), the National Credit Union Administration, and the Federal Trade Commission are issuing a joint proposal to establish guidelines and regulations to implement section 114 of the FACT Act of 2003. Section 114 requires the Federal Banking Agencies to jointly issue guidelines for financial institutions and creditors identifying patterns, practices, and specific forms of activity that indicate the possible existence of identity theft. In addition, the Federal Banking Agencies must issue regulations requiring each financial institution and creditor to establish reasonable policies and procedures to implement the guidelines. The regulations must contain a provision requiring a card issuer to notify the cardholder if the card issuer receives a notice of change of address for an existing account, and a short time later receives a request for an additional or replacement card. Section 315 of the FACT Act requires the Agencies to issue a regulation describing reasonable polices and procedures for a user of consumer credit reports that receives a notice of discrepancy from a consumer reporting agency (CRA), informing the user of a substantial discrepancy between the address for the consumer that the user provided to request the consumer report and the addresses in the file of the CRA. The policies and procedures must enable the user to form a reasonable belief that the user knows the identity of the consumer to whom the consumer report pertains. In addition, the regulation must require a user that establishes a continuing relationship with a consumer to furnish to the consumer reporting agency that provided the notice of discrepancy the correct address of the consumer as part of the information that the user regularly furnishes for the period in which the relationship is established. 
Agency: Department of the Treasury(TREAS)  Priority: Substantive, Nonsignificant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Proposed Rule Stage 
Major: Undetermined  Unfunded Mandates: Undetermined 
CFR Citation: 12 CFR 41   
Legal Authority: 15 USC 1681c    15 USC 1681m   
Legal Deadline:  None
Timetable:
Action Date FR Cite
NPRM  06/00/2005    
Regulatory Flexibility Analysis Required: Undetermined  Government Levels Affected: None 
Federalism: No 
Included in the Regulatory Plan: No 
Agency Contact:
Deborah Katz
Assistant Director
Department of the Treasury
Comptroller of the Currency
Legislative and Regulatory Activities Division, 400 7th Street SW.,
Washington, DC 20219
Phone:202 649-6278
Email: deborah.katz@occ.treas.gov