As of May 1, U.S. financial institutions have just six months left to comply with the new Identity Theft Red Flag Rules, which (among other things) mandate new levels of documentation, training and awareness.

Red Flags is one of the top regulatory priorities of the year, and for many institutions it is also a major undertaking. A check-in with institutions of various sizes shows that progress toward compliance is being made, but there is still plenty of work to be done....