The federal
bank and thrift regulatory agencies today announced interagency final rules to
require financial institutions to adopt measures for properly disposing of
consumer information derived from credit reports.
Current law requires financial institutions to protect
customer information by implementing information security programs. The final rules require institutions to make
modest adjustments to their information security programs to include measures
for the proper disposal of consumer information. They also add a new definition of "consumer information.
The agencies final rules implement section 216 of the Fair
and Accurate Credit Transactions Act of 2003 (FACT Act) and include this new
statutory requirement in the Interagency
Guidelines Establishing Standards for Safeguarding Customer Information
(retitled the Interagency Guidelines
Establishing Standards for Information Security), which were adopted in
2001.
The final
rules will take effect on July 1, 2005.
The Federal
Register notice is at: www.occ.treas.gov
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Media Contacts:
Federal Reserve Susan
Stawick (202) 452-2955
FDIC David
Barr (202) 898-6993
OCC Dean
DeBuck (202) 874-5770
OTS Erin
Hickman (202) 906-6677