Identity Theft Red Flags Rule and Address Discrepancy Rule -- Frequently Asked Questions


Identity Theft Red Flags Rule

The federal banking agencies, the National Credit Union Administration (NCUA) and the Federal Trade Commission (FTC) recently have issued a new requirement — called the “Red Flags Rule” — for “creditors” and “financial institutions” to assess whether they offer or maintain “covered accounts,” and if they do, to develop and implement an “Identity Theft Prevention Program” (Program) to detect, prevent and mitigate identity theft with respect to those accounts.

See legal update for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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