Bank Compliance Dashboard

Identity Theft Red Flags, the reader's digest version

On November 9, 2007 the OCC, Board, FDIC, OTS, NCUA and FTC (the Agencies) jointly issued the final rules and guidelines implementing section 114 of the Fair and Accurate Credit Transactions Act of 2003 (FACT Act) and final rules implementing section 315 of the FACT Act.  The rules implementing section 114 require financial institutions or creditors to develop and implement a written Identity Theft Prevention Program (the Program) to detect, prevent, and mitigate identity theft in connection with covered accounts and to establish policies and procedures to assess the validity of a change of ...