Regulatory Alerts2012-03-06 | 2012-5157Added · Updated
Identity 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 to establish written identity theft prevention programs. These programs must detect, prevent, and mitigate identity theft risks associated with covered accounts, guided by specific regulatory standards. Additionally, the proposal mandates special address validation procedures for credit and debit card issuers to assess the validity of change-of-address notifications.
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