Comments:

June 15, 2004 Federal Trade Commission Office of the Secretary Room H-159 (Annex J) 600 Pennsylvania Avenue, N.W. Washington, D.C. 20580 Re: FACTA Identity Theft Rule, Matter No. R411011 Ladies and Gentlemen: BMO Financial Group appreciates the opportunity to comment to the Federal Trade Commission (?FTC?)on the proposed regulations on Related Identity Theft Definitions, Duration of Active Duty Alerts, and Appropriate Proof of Identity Under the Fair Credit Reporting Act. BMO Financial Group is a Canadian organization operating in the United States with three foreign banking offices, and under Harris Financial Corp., a financial holding company with assets of more than $38 billion (U.S.) at year-end 2003, 30 banks including Harris Trust and Savings Bank and several non-bank entities, two of which are registered broker dealers. We offer a wide range of financial services including trust, retail and private banking, and investment services. We appreciate the FTC soliciting comments on the proposed regulations. We generally support the comments submitted by the Financial Services Roundtable of which we are a member institution. We offer the following specific comments. We strongly urge the FTC to reconsider the proposed definitions of ?identity theft? and ?valid law enforcement report? to ensure these definitions are not too broad. The proposed definition of ?identity theft? could be interpreted as including common types of fraud (e.g., stolen credit cards) in the definition. This could result in an increase in the number of identity theft claims and a potential negative impact on the credit reporting process. We recommend that the FTC narrow the definition of ?identity theft? to exclude ordinary fraud such as mere credit card theft and focus on attempts to use personal information and documentation to build a false credit/personal history (for example, acquiring a new credit card.) We also encourage the FTC to reconsider the time frame under which an information furnisher or consumer reporting agency has to request additional information from the consumer who has presented a report indicating that he/she has been a victim of identity theft. As the Financial Services Roundtable points out in their comment letter, it may take more than 5 business days to thoroughly analyze a report submitted by a consumer and determine what additional information is required to validate the report and investigate the matter. Further, the financial institution may need more than one conversation with the consumer to gather the required information. Therefore, we support the Financial Services Roundtable?s recommendation to extend the time frame for requesting additional information to 30 days. We thank you for allowing us the opportunity to provide you with comments on the proposed regulation. If you have any questions concerning this comment letter, or if we may otherwise be of assistance, please do no hesitate to contact us. Respectfully submitted, Paul V. Reagan Senior Vice President and U.S. General Counsel