Highlights:

• The regulation and guidelines implement sections 114 and 315 of the Fair and Accurate Credit Transactions Act of 2003.
• The regulation requires financial institutions and creditors to implement a written identity theft prevention program.
• The regulation requires card issuers to assess the validity of change of address requests before issuing additional or replacement debit or credit cards.
• The regulation requires users of consumer reports to reasonably verify the identity of the subject of a consumer report in the event the user receives a notice of address discrepancy from the consumer reporting agency.
• The guidelines are intended to assist financial institutions in implementing the regulation.
• Supplement A to the guidelines contains a list of 26 "red flags" that financial institutions and creditors may consider incorporating into their identity theft prevention programs.
• The regulation and guidelines are effective on January 1, 2008, and mandatory compliance is required by November 1, 2008.

Distribution:
FDIC-Supervised Banks (Commercial and Savings)

Suggested Routing:
Chief Executive Officer
Chief Information Security Officer

Related Topics:

• FIL-22-2006, Prohibition Against Discrimination in Credit
  Transactions, issued March 9, 2006
• FIL-27-2005, Guidance on Response Programs for
  Unauthorized Access to Customer Information and
  Customer Notice, issued April 1, 2005
• FIL-7-2005, Guidelines Requiring the Proper Disposal of
  Consumer Information, issued February 2, 2005
• FIL-22-2001, Guidelines Establishing Standards for
  Safeguarding Customer Information, issued March 14,
  2001

Attachment:
Interagency Final Rule Regarding Identity Theft Red Flags
and Address Discrepancies

Contact:
Senior Policy Analyst Jeffrey Kopchik at (202) 898-3872
or JKopchik@fdic.gov, or Counsel Richard Schwartz at
(202) 898-7424 or rischwartz@fdic.gov

Printable Format:
FIL-100-2007 - PDF (PDF Help)

Note:
FDIC financial institution letters (FILs) may be accessed from the FDIC's Web site at www.fdic.gov/news/news/financial/2007/index.html.

To receive FILs electronically, please visit http://www.fdic.gov/about/subscriptions/fil.html.

Paper copies of FDIC financial institution letters may be obtained through the FDIC's Public Information Center, 3501 Fairfax Drive, E-1102, Arlington, VA 22226 (1-877- 275-3342 or 202-416-6940).