For Details, Contact:
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National Credit Union
Administration 1775 Duke Street Alexandria, VA 22314-3428 Phone: (703) 518-6330 Web Address: http://www.ncua.gov/ |
FOR IMMEDIATE RELEASE |
FCU “Red Flags” Rule in Effect November 1; Compliance Assistance AvailableOctober 31, 2008, Alexandria, Va. – The mandatory compliance date for NCUA’s rule under the Fair and Accurate Transactions Act of 2003 (FACT Act) on identity theft red flags and address discrepancies is November 1, 2008. Under the rule, which became effective January 1, 2008, federal credit unions with covered accounts must have identity theft prevention programs to identify, detect, and respond to patterns, practices, or specific activities that could indicate identity theft (12 CFR §717.90). Federal credit unions must comply with the rule regarding address discrepancies applicable to users of consumer reports (12 CFR §717.91) and for federal credit unions who are card issuers to comply with the rule regarding change of addresses (12 CFR §717.82). To assist credit unions in compliance:
The National Credit Union Administration is the independent federal agency that regulates, charters and supervises federal credit unions. NCUA, with the backing of the full faith and credit of the U.S. government, operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of nearly 89 million accounts in all federal credit unions and the overwhelming majority of state-chartered credit unions. -NCUA- |