HOLLYWOOD, Fla. -- Credit unions are being reminded that they have until Nov. 1 to comply with the identity theft red flag rules enacted by regulators.
Among the requirements is that a CU must develop prevention measures based on its own ID theft situation (CU Journal, March 17).
During CUNA Mutuals Discovery Conference here, Ken Otsuka, risk manager for CUNA Mutual Group, and Jenny Champagne, VP-regulatory development and education NASCUS, reviewed the red flag requirements, which are part of sections 114 and 315 of the Fair and Accurate Credit Transactions Act of 2003 (FACT Act).
To meet Section 114, credit unions are required to develop a written …
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