The FTC is requesting comment on the use of SSNs in the financial services industry, and within the private sector more generally, in response to recommendations established by the President’s Task Force on Identity Theft. The FTC’s press release announcing its solicitation of comments can be accessed at www.ftc.gov/opa/2007/07/ssn.shtm, with further details including desired topics for comment and instructions for submitting comments available at www.ftc.gov/opa/2007/07/ssncomments.shtm. Supervised institutions are under no obligation to provide comments; participation is voluntary.

In issuing its strategic plan to address identity theft, the President’s Task Force recommended that Task Force agencies, including the FTC, the federal financial institutions regulatory agencies, and others develop a comprehensive record on the uses of the SSN in the private sector. The FTC is soliciting comments from all stakeholders on the various uses of SSNs in the private sector, the necessity of those uses, the alternatives available, the challenges faced by the sector in potentially moving away from the use of SSNs, and how SSNs are obtained and used by identity thieves. The FTC asks that comments be as specific as possible and be received on or before September 5, 2007.

Reserve Banks are asked to distribute this SR Letter to the domestic and foreign banking organizations supervised by the Federal Reserve in their districts as well as to supervisory and examination staff. Questions regarding this SR Letter may be directed to Brad Beytien, Manager, Operational and Information Technology Risk Section, at (202) 452-3759, in the Division of Banking Supervision and Regulation.