YEAR END ISSUANCES BY FEDERAL REGULATORS ADDRESS A MULTITUDE OF PRIVACY ISSUES Jane Hils Shea January 23, 2008
|
|
- Elwin Riley
- 8 years ago
- Views:
Transcription
1 YEAR END ISSUANCES BY FEDERAL REGULATORS ADDRESS A MULTITUDE OF PRIVACY ISSUES Jane Hils Shea January 23, 2008 The final weeks of 2007 saw a flurry of regulatory activity by the federal banking regulatory agencies and the Federal Trade Commission. These issuances, whether in the form of final rules and guidelines or proposed rules or guidelines, all address aspects of identity theft prevention and consumer data privacy protection. Final Rules Identity Theft Red Flags Rules Apply to Financial Institutions and other Creditors. The Customer Information (CIP) Programs required of financial institutions will need to be reviewed and modified to address the requirements imposed by the Identity Theft Red Flags rules and guidelines. Having been charged with promulgating regulations implementing various requirements of the Fair and Accurate Credit Transactions Act of 2003 (the FACT Act), the agencies issued final regulations implementing section 114, requiring financial institutions and creditors to adopt and maintain a written Identity Theft Prevention Program (Program). The rules and guidelines require both financial institutions and other creditors, provided that they offer covered accounts, to maintain a written Program to detect, prevent, and mitigate identity theft in connection with the opening of covered accounts. Covered accounts are defined as (1) an account primarily for personal, family or household purposes, that permits multiple transactions, or (2) any other account for which there is a reasonably foreseeable risk to customers or to the safety and soundness of the creditor or financial institution from identity theft. Examples of accounts that permit multiple transactions are a credit card account, mortgage loan, automobile loan, cell phone account, utility account, margin account, checking account or savings account. Thus, most financial institutions will be subject to the regulations by virtue of the first part of the definition. The second part of the definition is intended to address the vulnerability to identity theft of certain types of non-personal accounts, such as sole proprietorship and small business accounts. The final rules also describe the objectives of the Program, the elements of the Program, and how the Program must be administered. The Program must include reasonable policies and procedures to Identify relevant Red Flags for covered accounts and incorporate them into the Program Detect Red Flags that have been incorporated into the Program Respond appropriately to any Red Flags that are detected to prevent and mitigate the occurrence of identity theft Ensure that the Program is updated periodically
2 The Program is required to be approved by the Board of Directors of the financial institution or creditor, or a committee of that Board. In order to afford financial institutions and creditors with more flexibility in developing a Program, certain detailed guidance has been included in the guidelines issued in connection with the regulations, so that an institution or creditor s Program can address only those policies and procedures appropriate to its organization. Thus, the Identity Theft Rules consist of only two sections added to the FCRA regs, while Appendix J provides substantial detail and assistance as to the components of the Program. The requirements of this new regulation are effective January 1, 2008, and compliance is mandatory November 1, Duties of Users of Consumer Reports Upon Notice of Address Discrepancies. Section 315 of the FACT Act applies to an user of a consumer credit report, including employers who obtain consumer credit reports on prospective employees. The Act required the federal agencies to issue rules with respect to the policies and procedures necessary to enable to the user to form a reasonable belief as to the identity of the consumer for whom it obtained a consumer report. In addition, the Rules provide guidance for users of consumer reports when they receive a notice of address discrepancy from a consumer reporting agency (CRA). Following receipt of such a notice, a user is required to form a reasonable belief that a consumer report relates to the consumer about whom it has requested the report. There were ample comments to the proposed regulations concerning the fact that the CIP procedures to which financial institutions must adhere were sufficient to satisfy the requirements of this section. The final rule provides examples of reasonable policies and procedures that a user may employ to enable the user to form such a reasonable belief, such as comparing the information in the consumer report with information obtained in connection with the user s CIP procedures, maintained in its own records, or obtained from third party sources. Another requirement is for users to develop and implement reasonable policies and procedures for furnishing an address for the consumer that the user has reasonably confirmed is accurate to the CRA from whom it received the notice. The rule provides what it considers to be reasonable confirmation methods, such as verifying it with the consumer, reviewing its own records, or using a third party source. The requirements of this new regulation are effective January 1, 2008, and compliance is mandatory November 1, 2008 Rules Concerning Affiliate Marketing. The Federal Trade Commission approved a final rule on affiliate marketing that will provide consumers with an opportunity to opt out before a person or company uses personal information provided by an affiliated company to market its products and services to the consumer. This rule implements Section 214 of the Fact Act, and a similar rule was issued separately by each of the FRB, the OCC, the FDIC, the OTS, the NCUA, and the SEC. The final rule generally prohibits a company from using certain information received from an affiliate to make a solicitation to a consumer about that company s products and services, unless the consumer has been given notice and a reasonable opportunity and method to opt out of the solicitation, and consumer does not opt out. This rule does not supercede or amend a consumer s existing right to opt out of the sharing of non-transaction or experience information under the FCRA.
3 The requirements of this new regulation are effective January 1, 2008, and compliance is mandatory October 1, Proposed Rules Client Advisory Procedures to Enhance the Accuracy and Integrity of Information Furnished to CRAs. Section 312 of the FACT Act requires that the OCC, Board, FDIC, OTS, NCUA and FTC (Agencies) issue joint guidelines for use by furnishers of information to CRAs, regarding the accuracy and integrity of consumer information that they furnish. Section 312 also provides for direct dispute resolution and the jointly issued guidelines implement those requirements. The Agencies issued an Advance Notice of Proposed Rulemaking (ANPR) on these issues in March This proposal takes into account comments submitted in response to that ANPR. The proposed rules consist of three components: the proposed accuracy and integrity regulations, the proposed accuracy and integrity guidelines, and the proposed direct dispute regulations. The statute requires the Agencies to establish and maintain guidelines for use by each furnisher. It directs the Agencies to develop the guidelines by doing the following: identify specific forms of activity that can compromise the accuracy and integrity of information, review the methods used to furnish the information to CRAs, determine whether furnishers maintain and enforce policies to assure the accuracy and integrity of the information, and examine the policies and processes employed by furnishers to conduct reinvestigations and correct inaccurate information. The furnishers are also required to adopt reasonable policies and procedures for implementing the guidelines. Finally, the proposed rules require a furnisher to investigate a direct dispute revealed by a consumer report if it relates to: the consumer s liability for a credit account or other debt with the furnisher; the terms of a credit account or other debt with the furnisher; the consumer s performance or other conduct concerning a credit account or other debt; or any other information contained in a consumer report regarding an account or other relationship with the furnisher that bears on the consumer s creditworthiness, credit standing, credit capacity, character, general reputation, and the like. Furnishers would not be required to investigate disputes that relate to information derived from public records, which may be obtained directly from public sources, and information about requests for consumer reports, both of which are more appropriately directed to the CRA. The proposed rules present alternative approaches to pertaining to the accuracy and integrity regulations and guidelines, and recognize a consistent theme voiced by the commenters that the guidelines and regulations should be sensitive to the voluntary nature of the reporting of information about consumers by CRAs, and the potential burden these may present to furnishers of consumer credit information, so as not to discourage reporting. In the case of both the accuracy and integrity issues as well as the direct dispute resolution, the Agencies pointed to studies that indicate that consumer report accuracy may be affected by the presence of stale account information, the practice of furnishing only negative information about an account, inaccurate or incomplete public record data, inaccurate or incomplete collection account data, and unreported credit limits. These studies have influenced the approach the Agencies have taken in the proposed rules. Comments are due by February 11, Online Behavioral Advertising The FTC has issued for comment proposed Self-Regulatory Principles for Online Behavioral Advertising. In the preamble to the principles, the FTC explains that it has
4 been engaged in investigations, law enforcement, studies and other policy developments to protect online consumer privacy since the 1990 s. It has recently held public hearings and Town Hall forums to discuss privacy issues raised by online behavioral advertising. It identified key questions related to behavioral advertising which produced three issues: the practice benefits consumers in the form of free web content and personalized ads that many consumers value, but the practice is largely invisible and unknown to consumers business and consumer groups cherish the values of transparency and consumer autonomy, and view them as critical to the development and maintenance of consumer trust in the online marketplace no matter what one s view of behavioral advertising, there are reasonable concerns about consumer data collected for this purpose falling into the wrong hands or being misused. From these issues, the FTC developed the following proposed principles: Transparency and control Every website where data is collected for behavioral advertising should provide a clear disclosure of the fact of the collecting activity, and that consumers can choose whether or not to participate. A clear and easy-to-use method must be made available to consumers. Reasonable security, and limited data retention, for consumer data Companies that collect and store consumer data for behavioral advertising should provide reasonable security for that data. Companies should retain data only as long as is necessary to fulfill a legitimate business or law enforcement need. Affirmative express consent for material changes to existing privacy promises A company must keep any promises that it makes concerning how it will handle or protect consumer data it collects. If it intend to change its practices, it must obtain express affirmative consent from the affected consumers. Affirmative express consent to (or prohibition against) using sensitive data for behavioral advertising Companies should only collect sensitive data for behavioral advertising if they obtain express affirmative consent from consumers to receive such advertising. Call for additional information The FTC seeks comment on the potential uses for tracking data beyond behavioral advertising, and in particular, whether such secondary use raises concerns, if companies are in fact using data, whether the concerns apply to personally identifiable information or to non-personally identifiable information as well, and whether secondary uses, if they occur, merit some form of heightened protection. Comments on these principles are due to the FTC by Friday, February 22, FDIC Issues Revised IT Officer s Questionnaire
5 On December 4, 2007, the FDIC issued updated Information Technology Examination Procedures for FDIC-supervised financial institutions. The updated procedures include a revised IT Officer s Questionnaire which was enhanced to provide greater coverage of vendor management and outsourcing topics, credit card and ACH payment system risks, as well as an institution s overall information security program. The revised Questionnaire includes a new Vendor Management and Service Provider Oversight section to reflect potential reliance on outside firms for technology-related products and services. It also includes new questions for payment system risks, particularly focusing on electronic funds transfer methods, as well as credit card merchant processing and remote deposit capture. The full questionnaire is available at uestionnaire.pdf
Section 10: Fair Credit Reporting Act (FCRA) Policy
Section 10: Fair Credit Reporting Act (FCRA) Policy Summary of Regulation The Fair Credit Reporting Act (FCRA) regulates Consumer Reporting Agencies (CRAs), users of consumer reports, and furnishers of
More informationIdentity Theft Red Flags & Address Discrepancies under the FACT Act of 2003. Summary of Final Rule
Identity Theft Red Flags & Address Discrepancies under the FACT Act of 2003 Summary of Final Rule On November 9, 2007, the Office of the Comptroller of the Currency ( OCC ), Federal Reserve Board ( Board
More informationAn Overview of the Identity Theft Red Flags and Address Discrepancies under the Fair and Accurate Credit Transactions Act of 2003 Final Rules
An Overview of the Identity Theft Red Flags and Address Discrepancies under the Fair and Accurate Credit Transactions Act of 2003 Final Rules By: Andrea J. Shaw, Esq., Compliance Officer, Gorham Savings
More informationFrequently Asked Questions: Identity Theft Red Flags and Address Discrepancies
Frequently Asked Questions: Identity Theft Red Flags and Address Discrepancies The staff of the Board of Governors of the Federal Reserve System (FRB), Federal Deposit Insurance Corporation (FDIC), National
More informationFSA. Auditing FCRA Compliance. Auditing FCRA Compliance. Internal auditors should know the issues surrounding protection of consumer information.
FSA PRINT CLOSE Auditing FCRA Compliance Auditing FCRA Compliance Internal auditors should know the issues surrounding protection of consumer information. Steven Stachowicz, CFA, CRCM Senior Manager, Protiviti
More informationFAIR CREDIT REPORTING ACT
FAIR CREDIT REPORTING ACT PURPOSE AND SCOPE Serves the following principal purposes: To regulate the consumer-reporting industry. To prohibit unfair actions from CRAs To restrict the availability and use
More informationIdentity Theft Prevention Program
-- Sample Policy -- Identity Theft Prevention Program Purpose To establish an Identity Theft Prevention Program designed to detect, prevent and mitigate identity theft in connection with the opening of
More informationYOUR DUTIES UNDER THE FAIR CREDIT REPORTING ACT
YOUR DUTIES UNDER THE FAIR CREDIT REPORTING ACT The Staff of the Consumer Financial Protection Bureau (CFPB) has prepared the following required notices in compliance with the Fair Credit Reporting Act
More informationRisk Management Examiners
Risk Management Examiners Introduction to Red Flags Examination Procedures Section 615(e) requires the federal banking agencies and the NCUA (the Agencies) as well as the FTC to prescribe regulations and
More informationNOTICE TO USERS OF CONSUMER REPORTS: OBLIGATIONS OF USERS UNDER THE FCRA I. OBLIGATIONS OF ALL USERS OF CONSUMER REPORTS
All users of consumer reports must comply with all applicable regulations. Information about applicable regulations currently in effect can be found at the Consumer Financial Protection Bureau s website,
More informationMinimizing Legal and Compliance Risk for Credit Furnishers
Minimizing Legal and Compliance Risk for Credit Furnishers Wednesday, November 18, 2015 2:00 p.m. 3:00 p.m. EST Webinar Speakers Jonathan L. Pompan, Esq., Partner and Co-Chair Consumer Financial Protection
More informationCHAPTER 101: IDENTITY THEFT PREVENTION PROGRAM
CHAPTER 101: IDENTITY THEFT PREVENTION PROGRAM Section 101.01 Purpose 101.02 Definitions 101.03 Program established 101.04 Administration of program 101.05 Identification of relevant red flags 101.06 Detection
More informationIDENTITY THEFT RED FLAGS, ADDRESS DISCREPANCIES, AND CHANGE OF ADDRESS REGULATIONS Examination Procedures
Federal Deposit Insurance Corporation 550 17th Street NW, Washington, D.C. 20429-9990 Financial Institution Letter FIL-105-2008 October 16, 2008 IDENTITY THEFT RED FLAGS, ADDRESS DISCREPANCIES, AND CHANGE
More information1. Entities and Accounts Covered by the New Rules. 1.1. Covered Entities
CLIENT MEMORANDUM RED FLAG IDENTITY THEFT RULES MAY HAVE YOU SEEING RED: FTC EXTENDS COMPLIANCE DEADLINE BECAUSE MANY COMPANIES DID NOT KNOW THAT THESE RULES APPLY TO THEM When companies outside the financial
More informationFeatured Article Federal Red Flag and Related Identity Theft Prevention Rules: Is Your Organization in Compliance?
Featured Article Federal Red Flag and Related Identity Theft Prevention Rules: Is Your Organization in Compliance? Article contributed by: Nancy L. Perkins, Arnold & Porter LLP As of November 1, 2008,
More informationRed Flag Rules and Aging Services: What You Need to Know
Red Flag Rules and Aging Services: What You Need to Know Late in 2007, six federal agencies, including the Federal Trade Commission ( FTC ), jointly issued final rules and accompanying guidelines to implement
More informationCFTC and SEC Jointly Propose Identity Theft Rules
CLIENT MEMORANDUM March 7, 2012 CFTC and SEC Jointly Propose Identity Theft Rules Contents Identity Theft Prevention Program...1 Entities Required to Comply...1 Financial Institutions and Creditors...
More informationIdentity Theft Red Flags Rule
Identity Theft Red Flags Rule Frequently asked questions Overview The federal banking agencies, the National Credit Union Administration (NCUA) and the Federal Trade Commission (FTC) recently have issued
More informationIdentity Theft Prevention Program Red Flag Rules Policy P093.00 Issued: May 2009
Identity Theft Prevention Program Red Flag Rules Policy P093.00 Issued: May 2009 The Federal Trade Commission has issued a final rule (the Red Flag Rule) under the Fair and Accurate Credit Transactions
More information2003 Changes to the Fair Credit Reporting Act: Important Steps Forward at a High Cost
2003 Changes to the Fair Credit Reporting Act: Important Steps Forward at a High Cost With passage of HR 2622, the Fair and Accurate Credit Transactions Act, Congress significantly amended the Fair Credit
More informationTable of Contents. Table of Contents... 1. Chapter 1 Introduction... 5. Sample. Chapter 2 Monitoring and Quality Control... 8
[ Client]... 1 Chapter 1 Introduction... 5 1.1 Goals and Objectives... 5 1.2 Required Review... 5 1.3 Applicability... 5 1.4 Role and Responsibilities of the Compliance Officer... 6 1.5 Role and Responsibilities
More informationThe Fair Credit Reporting Act (FCRA) and the Fair Debt Collection Practices Act (FDCPA)
The Fair Credit Reporting Act (FCRA) and the Fair Debt Collection Practices Act (FDCPA) Addressing Medical Debt: Developing Best Practices for Providers and Patients June 18, 2009 Leonard L. Gordon The
More informationDHHS POLICIES AND PROCEDURES
DHHS POLICIES AND PROCEDURES Section VIII: Privacy and Security Identity Theft Policies, Identity Theft Red Flags and Address Discrepancy Identity Theft Policies Current Effective 2/1/16, 10/1/15 Date:
More informationThe Gramm-Leach-Bliley Act Privacy of Consumer Financial Information
FEDERAL TRADE COMMISSION BUREAU OF CONSUMER PROTECTION DIVISION OF FINANCIAL PRACTICES The Gramm-Leach-Bliley Act Privacy of Consumer Financial Information Subtitle A of Title V of the Gramm-Leach-Bliley
More informationIDENTITY THEFT DETECTION POLICY
IDENTITY THEFT DETECTION POLICY Approved By: President s Cabinet Date of Last Revision: May 5, 2009 Responsible Office/Department: Business and Finance Policy Statement Grand Valley State University (GVSU)
More informationDMACC IDENTITY THEFT- RED FLAGS PROCEDURES
DMACC IDENTITY THEFT- RED FLAGS PROCEDURES This document contains identity theft red flag procedures for Des Moines Area Community College. Section Topic Page 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 XX PURPOSE
More informationQuestions and Answers About the Identity Theft Red Flag Requirements
Questions and Answers About the Identity Theft Red Flag Requirements 1. Who is covered by the new Identity Theft Regulations? The Identity Theft Regulations consist of three different sets of requirements,
More informationSelected Text of the Fair Credit Reporting Act (15 U.S.C. 1681 1681v) With a special Focus on the Impact to Mortgage Lenders
Selected Text of the Fair Credit Reporting Act (15 U.S.C. 1681 1681v) as Amended by the Fair and Accurate Credit Transactions Act of 2003 (Public Law No. 108-159) With a special Focus on the Impact to
More informationPrivacy of Consumer Financial Information
Background and Overview Introduction Title V, Subtitle A of the Gramm-Leach-Bliley Act ( GLBA ) 1 governs the treatment of nonpublic personal information about consumers by financial institutions. Section
More information[date] Federal Trade Commission Project No. R611017. Board of the Governors of the Federal Reserve System Docket No. R 1300
[date] Federal Trade Commission Project No. R611017 Board of the Governors of the Federal Reserve System Docket No. R 1300 Office of the Comptroller of the Currency Docket No. OCC-2007-0019 Federal Deposit
More informationModule 3. The disclosure requirements are discussed separately below.
Page 1 of 29 Module 3 Adverse Action Disclosures - Section 615(a) and (b); 15 U.S.C. 1681m(a) and (b) Section 615(a)-(b) requires users of consumer reports, such as creditors, to make certain disclosures
More informationIdentity Theft Red Flags Procedures
3 4 5 6 7 8 9 INTRODUCTION AND PURPOSE DEFINITIONS EXCEPTIONS PENALTIES RECORD RETENTION REQUIREMENTS A B D Identity Theft Red Flags Procedures 717.90 Duties Regarding the Detection, Prevention, and Mitigation
More informationTO: Chief Executive Officers and Compliance Officers of all National Banks, Department and Division Heads, and all Examining Personnel
AL 99-3 Subject: Fair Credit Reporting Act Date: March 29, 1999 Purpose: TO: Chief Executive Officers Compliance Officers of all National Banks, Department Division Heads, all Examining Personnel SUMMARY
More informationGENERAL ASSEMBLY OF NORTH CAROLINA SESSION 2005 H 2 HOUSE BILL 629 Committee Substitute Favorable 5/18/05
GENERAL ASSEMBLY OF NORTH CAROLINA SESSION 0 H HOUSE BILL Committee Substitute Favorable //0 Short Title: Option to Freeze Credit Report. Sponsors: Referred to: March, 0 (Public) A BILL TO BE ENTITLED
More informationLincoln Financial Group. FTC/SEC Red Flags Identity Theft Prevention Program
Lincoln Financial Group FTC/SEC Red Flags Identity Theft Prevention Program Program Summary For Internal Use Only Table of Contents Page The Red Flags Rule 3 Key Points of the Program 4 Covered Accounts
More informationFACTA Identity Theft Red Flags Program. www.chs.acfei.com
1 FACTA Identity Theft Red Flags Program Module 1 Fair and Accurate Credit Transactions Act Overview Identity thieves use individual s personal identifiable information to open new accounts and misuse
More informationSecurities and Futures & Derivatives Alert
Securities and Futures & Derivatives Alert April 25, 2013 SECURITIES SEC and CFTC Issue Identity Theft Red Flags Rules I. Introduction On April 10, 2013, the Securities and Exchange Commission (SEC) and
More informationDEPARTMENT OF THE TREASURY. Office of the Comptroller of the Currency. Agency Information Collection Activities:
This document is scheduled to be published in the Federal Register on 02/05/2016 and available online at http://federalregister.gov/a/2016-02206, and on FDsys.gov [BILLING CODE: 4810-033-P] DEPARTMENT
More informationTHE UNIVERSITY OF MICHIGAN IDENTITY THEFT PREVENTION PROGRAM
I. Purpose & Scope THE UNIVERSITY OF MICHIGAN IDENTITY THEFT PREVENTION PROGRAM The Identity Theft Prevention Program was developed pursuant to the Federal Trade Commission s Red Flag Rules promulgated
More informationMaxk Pearce Director Division of Depositor and onsumer protection
TO: The FDIC Board of Dire rs FROM: Doreen l~. Eberley Director Division of Risk Management Supervision Maxk Pearce Director Division of Depositor and onsumer protection Richard J. Osterman, Acting General
More informationNumber of Pages: 5 Number of Forms: 0 Saved As: X:/Policies & Procedures/13. JCAHO STD s (if applicable): N/A
15.05 Identity Theft Prevention Program Policy: Identity Theft Prevention Program Effective Date: Manual: RFHC Clinical Policies and Procedures Revision Date: Number of Pages: 5 Number of Forms: 0 Saved
More informationOCC Staff Responses to Questions from February 13-14, 2001, Telephone Seminar on Privacy Regulation Compliance
OCC Staff Responses to Questions from February 13-14, 2001, Telephone Seminar on Privacy Regulation Compliance [Most recent questions and answers appear in bold text] Scope of the rule -- Section 40.1
More informationBEST CASE BANKRUPTCY NOTICE TO END USER
BEST CASE BANKRUPTCY NOTICE TO END USER Best Case, LLC, recognizes that it may benefit end users of its Best Case Bankruptcy software to have immediate access to a credit reporting agency. To that end,
More informationFair Credit Reporting Act (as amended in 1996): Adverse Action Notices
NAA/NMHC Guidance: Using Consumer Credit Reports in the Rental Screening Process Adverse Action, Risk-Based Pricing and Credit Score Disclosure Obligations The Fair Credit Reporting Act (FCRA) was enacted
More informationHow To Comply With The Federal Consumer Reporting Act
Fair Credit Reporting Act 1 The Fair Credit Reporting Act (FCRA) 2 became effective on April 25, 1971. The FCRA is a part of a group of acts contained in the Federal Consumer Credit Protection Act 3 such
More informationEND USER CERTIFICATION
END USER CERTIFICATION In compliance with the Federal Fair Credit Reporting Act, as amended (the "FCRA"), ("End User") hereby certifies to Sterling Infosystems, Inc. (Sterling) that it understands and
More informationThe FACT Act: An Overview of the Final Rulemaking on Identity Theft Red Flags and Address Discrepancies
The FACT Act: An Overview of the Final Rulemaking on Identity Theft Red Flags and Address Discrepancies A Web and Telephone Seminar Tuesday, June 17, 2008 2:00 pm 3:30 pm Eastern 1:00 pm 2:30 pm Central
More informationFact Act - Risk Based Pricing Notices Loans - All Loans
Type "X" when complete Return to Checklist INTRODUCTION AND PURPOSE ABBREVIATIONS AND DEFINITIONS RECORD RETENTION REQUIREMENTS REGULATORY REFERENCES Fact Act - Risk Based Pricing Notices Loans - All Loans
More informationRegulation P Privacy of Consumer Financial Information
Regulation P Privacy of Consumer Financial Information BACKGROUND AND OVERVIEW Title V, Subtitle A of the Gramm-Leach-Bliley Act ( GLBA ) governs the treatment of nonpublic personal information about consumers
More information2480a. Definitions. 2480b. Disclosures to consumers
Vermont Statutes Annotated Title 9 Commerce and Trade Part 3 0 Sales, Assignments and Secured Transactions Chapter 63 Consumer Fraud Subtitle 3 Fair Credit Reporting 2480a. Definitions For purposes of
More informationFEDERAL RESERVE SYSTEM. 12 CFR Part 202. [Regulation B; Docket No. R-1008] Equal Credit Opportunity
FEDERAL RESERVE SYSTEM 12 CFR Part 202 [Regulation B; Docket No. R-1008] Equal Credit Opportunity AGENCY: Board of Governors of the Federal Reserve System. ACTION: Advance notice of proposed rulemaking.
More informationWHEREAS the Federal Trade Commission regulations include utility companies in the definition of creditor;
CITY OF STATE OF GEORGIA ORDINANCE NO: AN ORDINANCE TO AMEND THE CODE OF ORDINANCES, CITY OF, GEORGIA TO PROVIDE A NEW ARTICLE, IDENTITY THEFT PREVENTION PROGRAM; TO COMPLY WITH FEDERAL REGULATIONS RELATING
More informationCastle Branch Guide to the Fair Credit Reporting Act 888-723-4263
Castle Branch Guide to the Fair Credit Reporting Act 888-723-4263 fair credit reporting act regulations] castle branch, inc. guide to complying with the fair credit reporting act regulations.........................................
More informationMOTLOW STATE COMMUNITY COLLEGE
Page 1 of 5 MOTLOW STATE COMMUNITY COLLEGE SUBJECT: FACTA Red Flag Rule and Identity Theft Prevention Program I. BACKGROUND In late 2007 the Federal Trade Commission (FTC) and Federal banking agencies
More information3. "Consumer reporting agency" has the meaning ascribed to it in 15 U.S.C. Sec. 1681a(f).
Combo security freeze bill with consensus areas. Where no consensus: AG language in left column, CDIA language in right column. In some cases, differences on specific points are identified in text of bill.
More informationIdentity Theft Prevention Program (FACTA Identity Theft Red Flags Rule)
Identity Theft Prevention Program (FACTA Identity Theft Red Flags Rule) Overview The Fair and Accurate Credit Transactions Act of 2003 ("FACTA") requirement, known as the Identity Theft Red Flags Rule,
More informationFAIR CREDIT REPORTING ACT (FCRA)
FAIR CREDIT REPORTING ACT (FCRA) EXAMINATION PROCEDURES Examination Objectives (These reflect FFIEC-approved procedures.) To determine the credit union s compliance with the Fair Credit Reporting Act (FCRA)
More informationComplying with the Fair Credit Reporting Act (FCRA) in Four Easy Steps
Complying with the Fair Credit Reporting Act (FCRA) in Four Easy Steps Employers have become acutely aware that hiring a job applicant with an undesirable background, criminal record or falsified credentials
More informationORDINANCE NO. Ot ~ft,
ORDINANCE NO. Ot ~ft, AN ORDINANCE TO THE CITY OF SOMERSET, KENTUCKY, ENACTING THE CITY'S IDENTITY THEFT PREVENTION POLICY AND PROCEDURE FOR ALL CITY DEPARTMENTS, AS SET FORTH IN EXHIBIT "A"; BE IT ORDAINED
More informationCCE Consumer Compliance Examination. Fair Credit Reporting. Comptroller s Handbook. October 1996 CCE-FCR
CCE-FCR Comptroller of the Currency Administrator of National Banks Fair Credit Reporting Comptroller s Handbook October 1996 CCE Consumer Compliance Examination Fair Credit Reporting Table of Contents
More informationIdentity Theft Prevention Program. Approved by the Arizona Board of Regents on May 1, 2009
Identity Theft Prevention Program Approved by the Arizona Board of Regents on May 1, 2009 I. Purpose & Scope This Program was developed pursuant to the Federal Trade Commission s ( FTC ) Red Flag Rules
More informationFRB Issues Final Credit Score Disclosures Rule. Final Retail Foreign Exchange Rules. HUD Updates RESPA Regulation. August 2011
is intended to keep you informed of regulatory changes in advance of their effective date so your institution can have the necessary policies, procedures and processes in place to be compliant at the time
More informationPart IV. Department of the Treasury Office of the Comptroller of the Currency 12 CFR Part 41. Federal Reserve System
Friday, November 9, 2007 Part IV Department of the Treasury Office of the Comptroller of the Currency 12 CFR Part 41 Federal Reserve System 12 CFR Part 222 Federal Deposit Insurance Corporation 12 CFR
More informationCentral Oregon Community College. Identity Theft Prevention Program
Central Oregon Community College Identity Theft Prevention Program Effective beginning May 1, 2009 I. PROGRAM ADOPTION This program has been created to put COCC in compliance with Section 41.90 under the
More informationFair Credit Reporting Act Compliance Guide
Fair Credit Reporting Act Compliance Guide FAIR CREDIT REPORTING ACT TABLE OF CONTENTS Page I. INTRODUCTION...1 A. Increased Applicant and Employee Rights...1 B. What is a "Consumer Report?"...1 C. What
More informationCredit Repair Organizations Act
Credit Repair Organizations Act Title IV of the Consumer Credit Protection Act (Public Law 90-321, 82 Stat. 164) is amended to read as follows: TITLE IV--CREDIT REPAIR ORGANIZATIONS'' Sec. 401. Short title.
More informationFAIR CREDIT REPORTING ACT: GENERAL DISCLOSURE AND AUTHORIZATION STATEMENT PLEASE READ CAREFULLY BEFORE SIGNING BELOW
FAIR CREDIT REPORTING ACT: GENERAL DISCLOSURE AND AUTHORIZATION STATEMENT TO: ALL APPLICANTS FOR EMPLOYMENT PLEASE READ CAREFULLY BEFORE SIGNING BELOW In processing my application for employment, I understand
More informationCHAPTER 2--CREDIT REPAIR ORGANIZATIONS SEC. 2451. REGULATION OF CREDIT REPAIR ORGANIZATIONS.
CODES COMPLAINTS EMPLOYEE CERTIFICATION FEDERAL LAWS NACSO GUIDELINES LOG OUT CHAPTER 2--CREDIT REPAIR ORGANIZATIONS SEC. 2451. REGULATION OF CREDIT REPAIR ORGANIZATIONS. Title IV of the Consumer Credit
More informationAuthorization. First Middle ( none) Last. current from Mo/Yr to Mo/Yr Street City, State & Zip. from Mo/Yr to Mo/Yr Street City, State & Zip
Authorization Authorization: By signing below, you authorize: (a) General Information Services, Inc. ( GIS ) to request information about you from any public or private information source; (b) anyone to
More informationRE: Interagency Advance Notice of Proposed Rulemaking: Procedures to Enhance the
Fair Isaac Corporation 901 Marquette Avenue, Suite 3200 Minneapolis, MN 55402 + 1 612 758 5200 phone + 1 800 999 2955 US toll free www.fairisaac.com Robert E. Feldman, Executive Secretary Attention: Comments/Legal
More informationInteragency Guidelines on Identity Theft Detection, Prevention, and Mitigation
Guidelines to FTC Red Flag Rule(reformatted) Appendix A to Part 681 Interagency Guidelines on Identity Theft Detection, Prevention, and Mitigation Section 681.2 of this part requires each financial institution
More informationCHAPTER 172. C.56:11-28 Short title. 1. This act shall be known and may be cited as the "New Jersey Fair Credit Reporting Act."
CHAPTER 172 AN ACT concerning consumer credit reports and supplementing Title 56 of the Revised Statutes. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey: C.56:11-28 Short title.
More informationFAIR CREDIT REPORTING ACT (FCRA) OVERVIEW
FAIR CREDIT REPORTING ACT (FCRA) OVERVIEW The Fair Credit Reporting Act (FCRA) became effective on April 25, 1971. The FCRA is a part of a group of acts contained in the Federal Consumer Credit Protection
More informationIdentify Theft Policy Red Flags and Discrepancies Under the FACT Act of 2003
STATEMENT Having determined that the request for a written policy concerning Identity Theft Red Flags and Address Discrepancies under the FACT Act of 2003(know as the FACT Act) applies to mortgage loans,
More informationF air Credit Reporting Act
F C R A a i r r e d i t e p o r t i n g c t As a public service, the staff of the Federal Trade Commission (FTC) has prepared the following complete text of the Fair Credit Reporting Act (FCRA), 15 U.S.C.
More informationGUIDANCE FOR MANAGING THIRD-PARTY RISK
GUIDANCE FOR MANAGING THIRD-PARTY RISK Introduction An institution s board of directors and senior management are ultimately responsible for managing activities conducted through third-party relationships,
More informationDodd-Frank: What About Leasing? October 2011 By Paul Bent. Part Two of a Two-Part Article
Dodd-Frank: What About Leasing? October 2011 By Paul Bent Part Two of a Two-Part Article Part One of this two-part article provided an overview of the Dodd-Frank Wall Street Reform and Consumer Protection
More informationRe: Large Trader Reporting System, File Number S7-10-10, 75 Federal Register 21456 (April 23, 2010).
Lisa J. Bleier Vice President and Senior Counsel Center for Securities, Trust and Investments 202-663-5479 lbleier@aba.com June 22, 2010 Elizabeth M. Murphy Secretary Securities and Exchange Commission
More informationDavid Coble Internal Control Officer
WESTERN WASHINGTON UNIVERSITY S RED FLAGS IDENTITY THEFT PREVENTION PROGRAM IMPLEMENTING SECTIONS 114 AND 315 OF THE FAIR AND ACCURATE CREDIT TRANSACTIONS ACT OF 2003 David Coble Internal Control Officer
More informationSUMMARY OF THE FAIR CREDIT REPORTING ACT
SUMMARY OF THE FAIR CREDIT REPORTING ACT The Fair Credit Reporting Act (FCRA) covers the use of many types of consumer information maintained by consumer reporting agencies. Consumer reports are defined
More informationPROVISIONS IDENTITY THEFT RED FLAG FAQS
R E D F L A G PROVISIONS 2 0 0 9 IDENTITY THEFT RED FLAG FAQS Provided to you by P r e p a r e d b y Eduard Goodman, J.D.,LL.M. Chief Privacy Officer I d e n t i t y T h e f t 9 11, L L C FREQUENTLY ASKED
More informationA Summary of Your Rights Under the Fair Credit Reporting Act
Para informacion en espanol, visite www.consumerfinance.gov/learnmore o escribe a la Consumer Financial Protection Bureau, 1700 G Street N.W., Washington, D.C. 20552. The federal Fair Credit Reporting
More informationACCG Identity Theft Prevention Program. ACCG 50 Hurt Plaza, Suite 1000 Atlanta, Georgia 30303 (404)522-5022 (404)525-2477 www.accg.
ACCG Identity Theft Prevention Program ACCG 50 Hurt Plaza, Suite 1000 Atlanta, Georgia 30303 (404)522-5022 (404)525-2477 www.accg.org July 2009 Contents Summary of ACCG Identity Theft Prevention Program...
More informationa. Credit to be used primarily for personal, family, or household purposes. c. Any other purpose authorized under 15 U.S.C. 168l(b).
North Carolina General Statutes Article 2A Identity Theft Protection Act 75-61. Definitions. The following definitions apply in this Article: (1) "Business". A sole proprietorship, partnership, corporation,
More informationTITLE 50: INSURANCE CHAPTER I: DEPARTMENT OF INSURANCE SUBCHAPTER tt: INSURANCE INFORMATION AND PRIVACY PROTECTION
50 ILLINOIS ADMINISTRATIVE CODE CH. I, '4002 TITLE 50: INSURANCE CHAPTER I: DEPARTMENT OF INSURANCE : INSURANCE INFORMATION AND PRIVACY PROTECTION PART 4002 PERSONAL INFORMATION PRIVACY PROTECTION Section
More informationTHE FAIR CREDIT REPORTING ACT
THE FAIR CREDIT REPORTING ACT As a public service, the staff of the Federal Trade Commission (FTC) has prepared the following complete text of the Fair Credit Reporting Act (FCRA), 15 U.S.C. 1681 et seq.
More informationFAIR CREDIT REPORTING ACT DISPOSAL RULE AND PROPOSED RULE FOR ADDRESS DISCREPANCIES AND IDENTITY THEFT PREVENTION PROGRAMS. Materials Prepared by:
FAIR CREDIT REPORTING ACT DISPOSAL RULE AND PROPOSED RULE FOR ADDRESS DISCREPANCIES AND IDENTITY THEFT PREVENTION PROGRAMS Materials Prepared by: Joseph E. ( Jed ) Mayk Blank Rome, LLP (215) 569-5576 mayk@blankrome.com
More informationVIII 6.1. VIII. Privacy Fair Credit Reporting Act. Fair Credit Reporting Act. Structure and Overview of Examination Modules.
Fair Credit Reporting Act Introduction The Fair Credit Reporting Act (FCRA) (15 USC 1681-1681u) became effective on April 25, 1971. The FCRA is a part of a group of acts contained in the Federal Consumer
More informationFair and Accurate Credit Transactions Act of 2003
Overview of FCRA Legislation Fair and Accurate Credit Transactions Act of 2003 1-800-BANKERS www.aba.com 1120 Connecticut Avenue, NW Washington, DC 20036 1-800-BANKERS www.aba.com World-Class Solutions,
More informationAs a public service, the staff of the Federal Trade Commission (FTC) has
As a public service, the staff of the Federal Trade Commission (FTC) has prepared the following complete text of the Fair Credit Reporting Act (FCRA), 15 U.S.C. 1681 et seq. Although staff generally followed
More informationFEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL GUIDANCE ON ELECTRONIC FINANCIAL SERVICES AND CONSUMER COMPLIANCE 1
FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL GUIDANCE ON ELECTRONIC FINANCIAL SERVICES AND CONSUMER COMPLIANCE 1 INTRODUCTION Federally insured depository institutions are developing or employing
More informationYOUR PRIVACY IS IMPORTANT TO SANDERSONS ARCHIVING SOLUTIONS LIMITED
YOUR PRIVACY IS IMPORTANT TO SANDERSONS ARCHIVING SOLUTIONS LIMITED SANDERSONS ARCHIVING SOLUTIONS LIMITED WEB SITE PRIVACY POLICY Policy last updated: 22 nd December 2014 This Policy is adopted by Sandersons
More informationFEDERAL RESERVE SYSTEM
FEDERAL RESERVE SYSTEM Request for Information for Study on Prescreened Solicitations or Firm Offers of Credit or Insurance Docket No. OP-1195 AGENCY: Board of Governors of the Federal Reserve System.
More informationFair Debt Collection Practices Act
Background The Fair Debt Collection Practices Act (FDCPA) (15 USC 1692 et seq.), which became effective in March 1978, was designed to eliminate abusive, deceptive, and unfair debt collection practices.
More informationCFPB Consumer Laws and Regulations
Fair Credit Reporting Act Background and Summary The Fair Credit Reporting Act () 1 became effective on April 25, 1971. The is a part of a group of acts contained in the Federal Consumer Credit Protection
More informationREINVESTIGATION REQUEST
REINVESTIGATION REQUEST Section A: Consumer Information Please complete all fields except as noted. Full Name: First: Middle: Last: (Check one if applicable): Jr. Sr. Date of Birth: Social Security Number:
More informationPayment Processor Relationships Revised Guidance
Federal Deposit Insurance Corporation 550 17th Street NW, Washington, D.C. 20429-9990 Payment Processor Relationships Revised Guidance Financial Institution Letter FIL-3-2012 January 31, 2012 Summary:
More informationDOYLESTOWN FAMILY MEDICINE, P.C. IDENTITY THEFT PREVENTION PROGRAM TEMPLATE ADOPTED AND EFFECTIVE: APRIL 15, 2009 UPDATED:
DOYLESTOWN FAMILY MEDICINE, P.C. IDENTITY THEFT PREVENTION PROGRAM TEMPLATE ADOPTED AND EFFECTIVE: APRIL 15, 2009 UPDATED: I. Adoption of Identity Theft Prevention Program Doylestown Family Medicine, P.C.
More informationLake Havasu City. Identity Theft Prevention Program
Lake Havasu City Identity Theft Prevention Program Effective beginning May 1, 2009 I. PROGRAM ADOPTION Lake Havasu City (City) developed this Identity Theft Prevention Program (Program) pursuant to the
More informationNorth Carolina General Statutes Chapter 75 Monopolies, Trusts, and Consumer Protection Article 2A Identity Theft Protection Act
North Carolina General Statutes Chapter 75 Monopolies, Trusts, and Consumer Protection Article 2A Identity Theft Protection Act 75-60. Title. This Article shall be known and may be cited as the "Identity
More information