WASHINGTON (6/12/09)—A set of identity theft frequently asked questions (FAQs) to help financial institutions and others comply with federal regulations was jointly released Thursday by federal financial institution regulators. The FAQs address the “Red Flags and Address Discrepancy Rules” that implement sections of the Fair and Accurate Credit Transactions Act (FACT Act). Those rules were issued jointly by the National Credit Union Administration (NCUA), federal bank and thrift regulators, and the Federal Trade Commission, in 2007. The rules require financial institutions and creditors to develop and implement written “Identity Theft Prevention Programs” and require issuers of credit cards and debit cards to assess the validity of notifications of changes of address. The rules also provide guidance for users of consumer reports regarding policies and procedures to employ when consumer reporting agencies send notices of address discrepancy. According to a release, the FAQs provide guidance on such aspects of the rules as:
* Entities and accounts covered; * Establishing and administering an Identity Theft Prevention Program; * Validation requirements applicable to card issuers; and * Obligations of users of consumer reports upon receiving a notice of address discrepancy.
Use the resource link below to find the FAQs.