The Securities and Exchange Commission (SEC) is seeking public comments on the extension of an information collection under Regulation S-ID, which aims to safeguard investors against identity theft risks. This regulation mandates SEC-regulated financial institutions and creditors to create programs to detect and address "red flags" of identity theft and communicate with cardholders about address changes. Annually, these entities must assess their accounts and report to their boards, incurring additional costs and time. Comments on this proposal are open until May 27, 2025.
Simple Explanation
The Securities and Exchange Commission (SEC) wants to know what people think about a rule that helps stop identity theft by asking certain banks to look out for warning signs and keep people safe. They're asking for ideas until May 27, 2025, but some people think the rule is really long and hard to understand.