Six federal agencies issued a dispose of regularly asked questions (FAQs) today to aid pecuniary institutions, creditors, users of consumer reports, and issuers of confidence in cards and debit cards concur with federal regulations on sameness robbery and discrepancies in changes of go on about. The Red Flags and Address Discrepancy Rules, which execute sections of the Fair and Accurate Credit Transactions Act of 2003, were issued jointly on November 9, 2007, ardent to the Board of Governors of the Federal Reserve System (FRB), Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration (NCUA), Office of the Comptroller of the Currency (OCC), Office of Thrift Supervision (OTS), and Federal Trade Commission (FTC).
The rules instruct pecuniary institutions and creditors to bare and execute written Identity Theft Prevention Programs and instruct issuers of confidence in cards and debit cards to assess the validity of notifications of changes of go on about. The rules also produce advisement into users of consumer reports at all events unextravagant policies and procedures to contemn when consumer reporting agencies send them notices of go on about divergence. The FTC also has developed a Web place, www.ftc.gov/redflagsrule, with additional resources and advisement into creditors and pecuniary institutions that are within its authority.
The agencies developed answers to these FAQs to produce advisement on numerous aspects of the rules, including which types of entities and accounts are covered, creation and administering of an Identity Theft Prevention Program, go on about validation requirements correct to predestined issuers, and the obligations of users of consumer reports upon receiving a detect of go on about divergence.
MEDIA CONTACTS:
Federal Trade Commission
Frank Dorman
202-326-2674
National Credit Union Administration
Cherie Umbel
703-518-6337
Board of Governors of the Federal Reserve System
Susan Stawick
202-452-2955
Office of the Comptroller of the Currency
Dean DeBuck
202-874-5770
Federal Deposit Insurance Corporation
David Barr
202-898-6992
Office of Thrift Supervision
William Ruberry
202-906-6677
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