The federal bank, thrift and credit union regulatory agencies and the Federal Trade Commission have published the attached notice of proposed rulemaking to implement sections 114 and 315 of the FACT Act. The proposed rule would establish:
Guidelines for financial institutions and creditors in identifying patterns, practices and specific forms of activity that indicate the possible existence of identity theft;
Regulations requiring financial institutions and creditors to establish reasonable policies and procedures for implementing the guidelines, including, where applicable, a provision requiring credit and debit card issuers to assess the validity of a request for a change of address under certain circumstances; and
Regulations requiring reasonable policies and procedures that users of consumer reports should employ upon receiving a notice of address discrepancy from a consumer reporting agency.
FDIC-Supervised Banks (Commercial and Savings)
Chief Executive Officer
Chief Information Security Officer
Interagency Guidelines Establishing Information Security Standards, 12 CFR part 364, Appendix B
Joint Notice of Proposed Rulemaking: Identity Theft Red Flags and Address Discrepancies under the Fair and Accurate Credit Transactions Act of 2003 (71 FR 40786, July 18, 2006) - PDF 310k (PDF Help)
Senior Policy Analyst Jeffrey Kopchik at firstname.lastname@example.org or (202) 898-3872, or Policy Analyst (Compliance) David Lafleur at email@example.com or (202) 898-6569
FIL-64-2006 - PDF 28k (PDF Help)
FDIC financial institution letters (FILs) may be accessed from the FDIC's Web site at www.fdic.gov/news/news/financial/2006/index.html.
To receive FILs electronically, please visit http://www.fdic.gov/about/subscriptions/fil.html.
Paper copies of FDIC financial institution letters may be obtained through the FDIC's Public Information Center, 3501 North Fairfax Drive, Room E-1002, Arlington, VA 22226 (1-877-275-3342 or 703-562-2200).