FTC Extends Identity Theft Paperwork Rules for Three More Years
Published Date: 1/7/2025
Notice
Summary
The Federal Trade Commission is asking to extend for three more years the rules that help prevent identity theft and protect your personal info when you use credit cards or open accounts. This affects businesses that handle your info and helps keep fraud in check without adding new costs. If you want to share your thoughts, you’ve got until February 6, 2025, to speak up!
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Analyzed Economic Effects
4 provisions identified: 0 benefits, 3 costs, 1 mixed.
FTC Seeks 3-Year Extension
The FTC asked OMB to extend for three more years the Paperwork Reduction Act clearance for the Red Flags, Card Issuers, and Address Discrepancy Rules. The current clearance expires on January 31, 2025, and the FTC is seeking renewal so the Rules stay in place through the requested three-year period.
Red Flags Rule: Identity Theft Programs
The Red Flags Rule requires financial institutions and certain creditors to develop and implement written Identity Theft Prevention Programs. The FTC estimates 165,494 respondents for the Red Flags Rule with 358,124 annual burden hours.
Card Issuers Rule: Address-Change Checks
The Card Issuers Rule requires credit and debit card issuers to assess the validity of notifications of address changes in certain situations. The FTC estimates 18,500 respondents for this Rule with 18,608 annual burden hours.
Address Discrepancy Rule: Motor Vehicle Dealers
The Address Discrepancy Rule gives guidance to users of consumer reports who are motor vehicle dealers predominantly engaged in selling or servicing vehicles. The FTC estimates 54,948 respondents for this Rule with 21,747 annual burden hours and attributes $500,181 in annual labor costs to the Address Discrepancy Rule.
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