The Board of Governors of the Federal Reserve, the FDIC, the FTC, the NCUA, the OCC, OTC, and the FTC have published final rules requiring all financial institutions and creditors holding consumer accounts to develop and implement an Identity Theft Prevention Program. The purpose of the Program will be to combat identity theft by requiring financial institutions and creditors to identify patterns of activity that would raise “red flags” which would signal possible identity theft, respond to any detected red flags, and update the Program periodically to reflect changes in identity theft risks. The final rules also require credit and debit card issuers to develop procedures that assess the validity of a request for change of address and require consumer reports to develop policies when they receive a notice of address discrepancy from a consumer reporting agency.
A copy of the joint rulemaking can be found here.
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