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FAQs released: Identity theft Red Flags, address discrepancies and change of address regulations

NationalMortgageProfessional.com
Jun 11, 2009

The Federal Deposit Insurance Corporation (FDIC), along with the other federal financial institution regulatory agencies and the Federal Trade Commission (FTC), has issued a frequently asked questions (FAQs) on identity theft "Red Flags," address discrepancies and change of address requests.    On Nov. 15, 2007, the FDIC issued a final rule and guidelines addressing identity theft Red Flags, address discrepancies, and change of address requests (see FIL-100-2007, dated Nov. 15, 2007). The FDIC published the FAQs to assist financial institutions in conforming with the regulation and guidelines. The FAQs are divided into four sections and include answers to questions concerning: ■ The scope of the regulation; ■ The definition of "covered account," the definition of "service provider;" ■ Types of notices of address discrepancy that trigger the rule, and ■ Furnishing a confirmed address to a consumer reporting agency.   Click here to view the 14-paged "Frequently Asked Questions: Identity Theft Red Flags and Address Discrepancies." For more information, visit www.fdic.gov.
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