Category Archives: Fair and Accurate Credit Transactions Act (FACTA)

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FTC Issues Guidance to Clarify Scope and Requirements of Red Flags for Identity Theft Prevention Rule

The FTC has released a guidance document that clarifies the scope of its Red Flags for Identity Theft Prevention Rule (“the Red Flags Rule”) and provides a practical four step guide for covered entities to assess compliance. The Red Flags Rule requires certain businesses and organizations to have in place a written identity theft program … Continue Reading

New FACTA Rules Take Effect on July 1, 2010

Businesses have until July 1, 2010 to comply with the new rules and guidelines under the Fair and Accurate Credit Transactions Act (“FACTA”), which amended the Fair Credit Reporting Act (“FCRA”), adopted by the Federal Trade Commission nearly a year ago relating to information provided to credit reporting agencies. Many know FACTA as the statute that … Continue Reading

Federal Agencies Issue FAQs on FACTA Red Flag Compliance

Last week , the Federal Trade Commission, jointly with other federal agencies that regulate financial institutions, released "frequently asked questions" designed to provide additional assistance to companies required to comply with new identity theft rules pursuant to the Fair and Accurate Credit Transactions Act ("FACTA") .  Those rules were issued in November 2007. Under the … Continue Reading

Welcome to the Consumer Financial Services Blog

Which among the following businesses are potentially subject to consumer financial services laws, rules, and regulations? A. a retail clothing chain B. a bank or mortgage company C. an internet retailer D. a fast food franchisor E. all of the above If you answered E, “All of the above,” you are CORRECT. However, many companies do not … Continue Reading
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