Search Results for keywords:"identity theft"

The Consumer Financial Protection Bureau (CFPB) has published its 37th edition of Supervisory Highlights, which outlines recent findings from examinations of financial institutions completed in 2024. The report highlights unfair practices in the areas of deposits, such as unauthorized overdraft and non-sufficient funds fees, and issues with credit reporting related to identity theft and dispute investigations. It also discusses problems with short-term lending, including misleading loan terms and denial of credit under unfair conditions. The document emphasizes the importance of accurate information and consumer protection in financial services, noting efforts to correct violations and implement safeguards.

The Internal Revenue Service, under the Treasury Department, has announced a meeting for the Electronic Tax Administration Advisory Committee (ETAAC). This meeting will take place virtually and through teleconference on March 16-17, 2021, with some parts open to the public. The meeting aims to discuss topics for a future report and address issues concerning the security of the federal tax system against identity theft and refund fraud. Certain sessions will be closed to the public to cover sensitive matters, but other discussions will allow public statements and participation. Interested individuals should contact William S. Parman by March 12, 2021, to attend or make oral statements.

The Small Business Administration (SBA) is seeking public comments on a new information collection related to identity theft and the Economic Injury Disaster Loan (EIDL) program. This initiative comes in response to instances of identity theft related to COVID-19 loan applications. Individuals who believe their identity was used without their consent for an EIDL application must fill out SBA Form 3513. The SBA is interested in public feedback on the necessity, burden, and ways to improve this information collection process. Comments are due by April 26, 2021.

The National Credit Union Administration (NCUA) plans to submit an information collection request to the Office of Management and Budget (OMB) for review, as specified by the Paperwork Reduction Act of 1995. This request involves standards under the Fair Credit Reporting Act (FCRA), which sets guidelines for handling consumer credit information. Certain FCRA provisions have been adapted by the Consumer Financial Protection Bureau (CFPB), while others, such as those related to identity theft and card issuer duties, remain under NCUA's jurisdiction. The public is invited to provide comments by March 29, 2021.

The Consumer Financial Protection Bureau (CFPB) is planning to propose a new rule aimed at helping victims of coerced debt, which often occurs in abusive relationships. This advance notice is seeking public input on changing the definitions of "identity theft" and "identity theft report" under Regulation V of the Fair Credit Reporting Act to cover these situations. The CFPB highlights how economic abuse, including coerced debt, significantly harms victims, especially those in abusive relationships, and is asking for comments on various aspects of how best to offer protections. Comments are due by March 7, 2025, and can be submitted through email or the CFPB's website.

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.

The Internal Revenue Service (IRS) is announcing a public meeting of the Electronic Tax Administration Advisory Committee (ETAAC) to be held via Microsoft Teams on January 8, 2025. The ETAAC aims to provide ongoing advice on enhancing electronic tax administration to make paperless filing the easiest and most preferred method for submitting tax returns. The committee also addresses issues like identity theft and refund fraud. To attend or submit a written statement, individuals should contact Mr. Alec Johnston at the IRS.

The Consumer Financial Protection Bureau (CFPB) is extending the comment period for a proposal regarding changes to how identity theft and coerced debt are reported to credit bureaus. Initially set to end on March 7, 2025, the period will now close on April 7, 2025, to give people more time to provide their feedback. This proposal involves updating definitions within Regulation V, which backs up the Fair Credit Reporting Act, to better tackle issues of coerced debt. People are encouraged to submit their comments quickly, preferably online, to avoid mail delays.

The President issued a memorandum to various government officials focusing on preventing illegal immigrants from receiving Social Security benefits. Section 1 of the memorandum calls for strict measures to ensure ineligible individuals do not receive these benefits, including expanding a fraud prosecutor program and addressing issues noted in a 2023 audit. The audit highlighted missing records of deceased individuals and potential identity theft. Section 2 states that the memorandum should not interfere with existing laws or create any new legal rights.