Alert June 16, 2009

Federal Banking Agencies and FTC Issue FAQs on Identity Theft Rules

The federal banking agencies and the FTC issued a set of FAQs to help financial institutions, creditors, users of consumer reports, and issuers of credit cards and debit cards comply with Fair and Accurate Credit Transactions Act regulations on identity theft and discrepancies in address changes. The FAQs provide guidance on many aspects of the regulations, including which types of entities and accounts are covered; establishment and administration of an Identity Theft Prevention Program; address validation requirements applicable to card issuers; and the obligations of users of consumer reports upon receiving a notice of address discrepancy. Click here for the FAQs.