FRB Survey on Consumer Information

The FRB has published a request for comment on the availability of sensitive information about consumers and the ways in which this information can be obtained and used for fraudulent purposes. This study is mandated by the Economic Growth and Regulatory Paperwork Reduction Act of 1996 and must be completed by March 31,1997. With that deadline in mind, the FRB has asked for information and comments by January 31,1997.

The FRB posed several specific questions including the type of information that is available including consumers' social security numbers and other identifying information used to verify identity; how information can bepurchased or obtained, and the impact of the availability on banks through fraud.

Bank security departments have experience in identifying and investigating various types of fraudulent activities. These experiences would be a valuable resource to the FRB staff preparing the report. Refer to Docket Number R-0953 in your comment letter on this study.

Copyright © 1996 Compliance Action. Originally appeared in Compliance Action, Vol. 1, No. 20, 12/96