Which of the following federal agencies does NOT enforce the Disposal Rule under the Fair and Accurate Credit Transactions Act (FACTA)?
Which of the following federal agencies does NOT enforce the Disposal Rule under the Fair and Accurate Credit Transactions Act (FACTA)?
FACTA's Disposal Rule is primarily enforced by agencies dealing with financial institutions and consumer protection. The Office of the Comptroller of the Currency oversees national banks, the Consumer Financial Protection Bureau handles regulations tied to consumer finance, and the Federal Trade Commission enforces consumer protection laws. The Department of Health and Human Services, however, is more focused on health-related issues and not financial or credit transactions, which makes it the agency that does not enforce the Disposal Rule under FACTA.
Disposal of information. Appropriate destruction of data or information in any format or media is a key component of information management for both the contracting organization and its vendors. The Disposal Rule under the Fair and Accurate Credit Transactions Act(FACTA) of 2003 sets forth required disposal protections for Financial Institutions. The Disposal Rule requirements provide a good baseline for the disposal of personal information more generally. FACTA enacted a number of consumer protections. It required truncation of credit and debit card numbers, so that receipts do not reveal the full credit or debit card number.