THE FTC MANDATES COMPLIANCE WITH ITS NEWLY PROMULGATED RED FLAG RULE BY JUNE 1, 2010
The Fair Trade Commission (FTC ), the federal bank regulatory agencies, and the National Credit Union Association jointly published the Identity Theft Red Flags regulations and guidelines (Red Flag Rule). The rule was promulgated pursuant to the Fair and Accurate Credit Transactions Act of 2003 (FACTA) and mandates that both 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. What distinguishes this rule from other rules relating to financial institutions (such as the Gramm-Leach-Bliley privacy rules), is that the Red Flag Rule applies to any firm that maintains an ongoing account through ... more»
11.11.2010 | General | maureen



