Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
State-chartered CU red flags date is May 1
WASHINGTON (4/13/09)—Time is almost up for state-chartered credit unions to comply with the Federal Trade Commission’s identity theft “red flags” rule. The FTC effective date is May 1. Last October, state-chartereds got a bit of a compliance reprieve when the FTC postponed its effective date because of concern that some entities under its jurisdiction—such as automobile dealers and utility companies--were unaware that the rule applied to them as well as to financial institutions. The National Credit Union Administration and the federal banking agencies required compliance on Nov. 1, 2008. This month, the FTC launched a website to help entities covered by the red flags rule develop and implement identity theft prevention programs. The website features an online publication called “Fighting Fraud with the Red Flags Rule: A How-To Guide for Business.” The website also offers articles and guidance on specific elements of the rule. The red flags rule was developed to implement parts of the Fair and Accurate Credit Transactions (FACT) Act of 2003. Under the rule, financial institutions and creditors with covered accounts must have identity theft prevention programs to identify, detect, and respond to patterns, practices, or specific activities that could indicate identity theft. A covered account generally is a consumer account or any other account the institution determines carries a foreseeable risk of identity theft.
Other Resources

RSS





print
News Now LiveWire
.@Cornerstone_CUL in 2014: $9K in savings per member #NewsNow #CUSystem http://t.co/7LnsV876cs
1 hour ago
RT @CUNA: Bill to codify #creditunion Advisory Council, is introduced by @reppittenger @RepDennyHeck HT @newsnowlivewire http://t.co/0zviXx…
1 hour ago
Construction spending drops in January, according to @CommerceGov http://t.co/W9J1mDyF8X #Market #NewsNow
18 hours ago
During Nat'l Consumer Protection Week, @TheNCUA reminds #CU members of agency resources re: rights as consumers. http://t.co/aYgW1HoDmF
19 hours ago
.@TransUnion: #millennials climbing into driver's seat with loans http://t.co/S4H9OIB3Av
20 hours ago