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NCUA confirms Nov. 1 enforcement of Red Flags rule
WASHINGTON (10/24/08)—The Credit Union National Association (CUNA) confirmed with the National Credit Union Administration (NCUA) Thursday that it has no plan to delay the effective date for enforcement of the Identity Theft Red Flags rule for federal credit unions. The Federal Trade Commission announced Wednesday (see News Now, Oct. 23) that it is postponing for six months enforcement of the red flag rules for entities under its jurisdiction, which includes state chartered credit unions. CUNA said it recognized the FTC's action was primarily directed at non-financial institution creditors--such as automobile dealers and utility companies--which were unaware of these rules until recently. However, CUNA sought clarity from the NCUA, through a series of discussions, regarding the extent to which that agency might apply this suspension to federal credit unions. The NCUA and the federal banking agencies still expect federal credit unions and banks to be in compliance as scheduled, and have emphasized earlier that an institution's current policies and procedures on information security and fraud prevention can form the foundation of the required identity theft program, which should help to minimize compliance burdens. The FTC’s suspension of its enforcement of the red flag rules does not apply to the new Fair and Accurate Credit Transaction Act (FACTA) requirements that credit unions have procedures in place to handle discrepancies in the addresses on credit reports and credit applications, a rule the FTC issued at the same time as the red flags rule.
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