OCC 2004-60
OCC Bulletin

Subject:      Fair Credit Reporting Act
Description:  Final Rule: Related Identity Theft Definitions, 
              Duration of Active Duty Alerts, and Appropriate
              Proof of Identity

Date:         December 28, 2004

TO:  Chief Executive Officers and Compliance Officers of All
     National Banks, Department and Division Heads, and All
     Examining Personnel

The Federal Trade Commission (FTC) published the attached final
rule in the Federal Register on November 3, 2004.  The final
rule, which became effective on December 1, establishes
definitions for the terms, "identity theft" and "identity theft
report;" the duration of an "active duty alert;" and the
"appropriate proof of identity" for purposes of sections 605A
(fraud alerts and active duty alerts), 605B (consumer report
information blocks), and 609(a)(1) (truncation of Social Security
numbers) of the Fair Credit Reporting Act (FCRA), as amended by
the Fair and Accurate Credit Transactions Act (FACTA).  FCRA
sections 605A, 605B, and 609(a)(1) became effective on December
1.

While sections 605A, 605B, and 609(a)(1) of the FCRA largely
relate to credit reporting agencies (CRAs), if a national bank is
a CRA, these definitions are important in complying with those
sections.  However, the definitions in the final rule are also
applicable to other provisions in the FCRA that more commonly
apply to national banks.  For example, section 623(a)(6) contains
requirements applicable to furnishers of consumer information to
CRAs, including national banks.  Under this section, when a CRA
notifies a furnisher that the furnisher has provided information
to the CRA that is blocked because it was the result of identity
theft, the furnisher must have reasonable procedures in place to
prevent re-furnishing the blocked information.  In addition, if a
consumer submits an "identity theft report" directly to a
furnisher stating that the information the furnisher maintains
about the consumer is a result of "identity theft," the furnisher
may not provide that information to a CRA unless the furnisher
subsequently knows or is told by the consumer that the
information is correct.  Further, section 615(f) prohibits the
sale, transfer, or placing for collection of a debt, which the
holder has been notified by a CRA is the result of identity
theft.  The requirements in sections 623(a)(6) and 615(f) went
into effect December 1.

Questions concerning this final rule may be directed to your
supervisory office or to Carol Turner, compliance specialist,
Compliance Department at (202) 874-4428.


_____________________________
Ann F. Jaedicke
Deputy Comptroller for Compliance


Attachment:  69 FR 63922
         [http://www.occ.treas.gov/fr/fedregister/69fr63922.pdf]