408B(d)(7)). . (B) Customer identification program Notwithstanding the amendment made by subparagraph (A), an individual retirement plan established pursuant to an automatic IRA arrangement described in section 408B(d) of the Internal Revenue Code of 1986 shall, for purposes of any customer identification program established under section 5318(l) of title 31, United States Code, be treated as an account opened for the purpose of participating in an employee benefit plan established under the Employee Retirement Income Security Act of 1974. (2) Fiduciary duties Section 404(c) of such Act is amended by adding at the end the following new paragraph: (6) In the case of an individual retirement account opened under a qualifying automatic IRA arrangement under section 408B of such Code that is not exempt under section 3(2)(C), a participant or beneficiary shall, for purposes of paragraph (1), be treated as exercising control over the assets in the account on and after the 7th day after notice has been given to an employee that such account has been established on behalf of the employee. No reports, other than those required under section 101(g), shall be required with respect to an account opened under a qualifying automatic IRA arrangement under section 408B of such Code. . (e) Notice of availability of investment guidelines (1) In general Section 408(i) of the Internal Revenue Code of 1986 is amended by adding at the end the following new sentence: Any report furnished under paragraph (2) to an individual shall include notice of the Internet website of the Department of Labor for sources of information on individual investing and diversification. . (2) Updated information Such information shall be modified (or updated) by the Secretary of Labor in consultation with the Secretary of the Treasury and the Chairman of the Securities and Exchange Commission to address needed changes due to the creation of automatic IRAs. (f) Failure To provide qualifying automatic IRA arrangements Chapter 43 of the Internal Revenue Code