06-EA-16: NCUA: Identity Theft Red Flags

The joint proposed rule would require each financial institution and creditor to have a risk-based written Identity Theft Prevention Program containing reasonable policies and procedures to address the risk of identity theft. The proposed rule also includes guidelines for financial institutions and creditors identifying patterns, practices, and specific forms of activity that indicate possible identity theft. The proposal would also require credit and debit card issuers to establish reasonable policies and procedures for assessing the validity of a change of address request under certain circumstances. Additionally, users of consumer reports would be required to develop policies and procedures for handling notices of address discrepancies from a consumer reporting agency.