OCC 2004-28
OCC Bulletin

Subject:      Proper Disposal of Consumer Information
Description:  Notice of Proposed Rulemaking

Date:         June 17, 2004 

To:  Chief Executive Officers of All National Banks, Federal Branches and 
     Agencies, Service Providers, Department and Division Heads, and All 
     Examining Personnel

The attached notice of proposed rulemaking (NPRM) was published in the 
Federal Register on June 8, 2004.  It requires financial institutions to 
adopt measures for properly disposing of consumer information derived 
from credit reports.  

The NPRM implements section 216 of the Fair and Accurate Credit 
Transactions Act of 2003 (FACT Act) by amending the Interagency Guidelines 
Establishing Standards for Safeguarding Customer Information.  The 
proposed amendments require an institution to dispose of “consumer 
information” in a manner consistent with the requirements in the guidelines 
that currently apply to the disposal of “customer information.”  In 
addition, the NPRM will add a new section to each agency’s Fair Credit 
Reporting Act rule to cross-reference the guidelines.

The proposed rules would require institutions to make adjustments to their 
information security programs to properly dispose of consumer information 
that is not already protected.  This would include information from credit 
reports about a financial institution’s employee or about a consumer 
whose application for a product or service is denied.

Comments on the NPRM must be submitted by July 23, 2004.

For questions concerning this proposed rule, contact Amy Friend, assistant 
chief counsel at (202) 874-5200; Deborah Katz, senior counsel, Legislative 
and Regulatory Activities Division at (202) 874-5090; or Aida Plaza 
Carter, director, Bank Information Technology at (202) 874-4740.


_____________________________________
Julie L. Williams
First Senior Deputy Comptroller and Chief Counsel



Attachment – 69 FR 31913
	     [http://www.occ.treas.gov/fr/fedregister/69fr31913.pdf]