WASHINGTON (6/4/09)--The National Credit Union Administration, Federal Trade Commission, and the other financial institution agencies recently issued a final rule that makes technical corrections to the identity theft “red flags” rule. The changes address discrepancy rules and affiliate marketing rules that were issued under the Fair and Accurate Credit Transactions Act. They include a clarification that notes discrepancy notices need only be provided by nationwide consumer reporting agencies. The agencies also made the following two corrections to the affiliate marketing rules:
* A model form that allows consumers to voluntarily opt-out of marketing by businesses and their affiliates was amended by inserting language in brackets that allows businesses to disclose the duration of any opt-out period; and * A provision in the instructions to the model forms was included to clarify that a person may add a disclosure to the forms that explain the treatment of opt-outs by joint consumers.
For more information about the identity theft red flags rule and the recent technical changes to it, use the resource link below to read the Credit Union National Association’s final rule analyis.