Subject: File No. S7-02-12
From: Erik Speicher

March 17, 2012

Identity theft is a major concern of all citizens. The effects and burdens associated with having ones identity stolen necessitate these proposed regulations. The affirmative duty placed on the covered entities will better protect all of us from the possibility of having our identity stolen. The proposed regulations create practical obligations on financial institutions and creditors to implement policies and procedures that protect their customers. In the same sense, the proposed regulations also allow the entities to enjoy the discretion to implement procedures in a way that is practical for the specific business. The concerns addressed by the identity theft prevention plan and the address change verification for debit and credit cards are needed as we become dependent on electronic communication and commerce. The protection afforded by these proposed regulations creates an immeasurable benefit to all citizens that outweighs the administrative costs imposed on the financial institutions and creditors.