Agencies Issue Final Rules on Identity Theft Red Flags

Fair and Accurate Credit Transactions Act (FACTA)
GuidanceFederal Deposit Insurance Corporation (FDIC)
Federal Reserve Board (FRB)
Federal Trade Commission (FTC)
National Credit Union Administration (NCUA)
Office of the Comptroller of the Currency (OCC)
Office of Thrift Supervision (OTS)Identity Theft

The federal financial institution regulatory agencies and the Federal Trade Commission have sent to the Federal Register for publication final rules on identity theft “red flags” and address discrepancies. The final rules implement sections 114 and 315 of the Fair and Accurate Credit Transactions Act of 2003.

The final rules require each financial institution and creditor that holds any consumer account, or other account for which there is a reasonably foreseeable risk of identity theft, to develop and implement an Identity Theft Prevention Program (Program) for combating identity theft

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