Announcements NIADA To Provide Members With Identity Theft Red Flags Program Materials June 20, 2008 Arlington, TX (June 20, 2008) -- The Federal Trade Commission and the federal financial institution regulatory agencies have published final rules on identity theft "red flags" and address discrepancies that implement sections 114 and 315 of the Fair and Accurate Credit Transactions Act of 2003. The Final Rules require each financial institution and creditor that holds any consumer account, or other account for which there is a reasonably foreseeable risk of identity theft, to develop and implement an Identity Theft Prevention Program for combating identity theft in connection with new and existing accounts. The Program must include reasonable policies and procedures for detecting, preventing, and mitigating identity theft and enable a financial institution or creditor to: Identify relevant patterns, practices, and specific forms of activity that are "red flags" signaling possible identity theft and incorporate those red flags into the Program; Detect red flags that have been incorporated into the Program; Respond appropriately to any red flags that are detected to prevent and mitigate identity theft; and Ensure the Program is updated periodically to reflect changes in risks from identity theft. The Final Rules require users of consumer reports to develop reasonable policies and procedures to apply when they receive a notice of address discrepancy from a consumer reporting agency. Motor vehicle dealers must comply with the Rules by November 1, 2008.

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