Regulatory Alerts2012-03-06 | 2012-5157Identity Theft Red Flags Rules
The Commodity Futures Trading Commission and the Securities and Exchange Commission jointly proposed rules to implement Dodd-Frank Act amendments requiring financial institutions and creditors under their jurisdiction to develop written identity theft prevention programs. These programs must detect, prevent, and mitigate identity theft risks associated with covered accounts, supported by guidelines to assist in formulation and maintenance. Additionally, the proposal establishes special requirements for credit and debit card issuers to assess the validity of notifications of changes of address under specific circumstances.
Share