Regulatory Alerts2013-04-19 | 2013-08830Added · Updated
Identity Theft Red Flags Rules
The Commodity Futures Trading Commission and the Securities and Exchange Commission jointly issued final rules requiring regulated financial institutions and creditors to establish written identity theft prevention programs. These programs must detect, prevent, and mitigate identity theft risks associated with covered accounts, incorporating specific guidelines for formulation and maintenance. Additionally, the rules impose special requirements on credit and debit card issuers to assess the validity of notifications of changes of address under certain circumstances.