Banking Law Prof Blog

FACTA and ID Theft

"FACTA and Identity Theft" is the topic I'm currently working on.  I speak at the Texas Bankers Association Legal Conference on Friday this week, so expect a posting of my paper next Monday.  Here's a link to a shorter piece summarizing new FACTA Regulations for 2008:

Link:  http://law.lexisnexis.com/practiceareas/Emerging-Issues

(ag) March 24, 2008, in FACTA

Get Ready: New FACTA Facts

Help your financial institution clients get ready for two new final FACTA regulations that are effective January 1, 2008.  The federal financial institution regulatory agencies jointly issued final regulations pursuant to the Fair Credit Reporting Act (FCRA) as amended by the Fair and Accurate Credit Transactions Act (FACTA) that relate to Affiliate Marketing (mandatory compliance by Oct. 1, 2008) and to Identity Theft Red Flags (mandatory compliance by Nov. 1, 2008).

Link to Final Affiliate Marketing Regulation:  http://www.fdic.gov/news/news/financial/2007/fil07098.html

Link to Final Identity Theft Red Flags Regulation and Guidelines:  http://www.fdic.gov/news/news/financial/2007/fil07100.html

(ag) Dec. 17, 2007, in FACTA

Opportunity to Comment on Proposed FACTA Regs

The federal financial institution regulatory agencies have adopted Proposed Regulations to implement FACTA requirments designed to help assure accuracy of information provided to consumer reporting agencies.  The new regulations will allow consumers to dispute credit report inaccuracies directly with entities such as financial institutions that furnish information to consumer reporting agencies. The comment period will extend for 60 days following Federal Register publication. 

Link to Nov. 29, 2007, Press Release & Text of Proposed Regulation:  http://www.fdic.gov/news/news/press/2007/pr07098.html

(ag) Dec. 4, 2007, in FACTA

The Fed Explains Our Credit Reports System to Congress

Sandra Braunstein, Director of the Federal Reserve Boards Division of Consumer Protection, testified before the House Financial Services Committee about the accuracy of credit reports and the rules pertaining to furnishers of information to consumer reporting agencies (“furnisher rules”) required under the Fair and Accurate Credit Transactions Act of 2003 (FACT Act), which amended the Fair Credit Reporting Act (FCRA).

This is a great summary of our credit reporting system and an update on the related rulemaking process.  Link:  http://www.federalreserve.gov/boarddocs/testimony/2007/20070619/default.htm

(ag) June 27, 2007, in FACTA