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The US Regulators Issue Identity Theft Prevention Rules: Cutting Through the Red Flags Red Tape

Published by: TowerGroup

Published: Sep. 1, 2008 - 6 Pages


Table of Contents



Report Coverage

Backround

The New Regulatory Approach

The Compliance Deadline

The Red Flags Burden

Exhibit 1

Minimizing Noncompliance Risk

A Silver Lining?

A Role for Vendors

A Message to the Regulators

Summary

Abstract

In November 2007, US bank regulators issued the Red Flags Rules requiring financial institutions to implement a program to prevent identity theft by November 1, 2008. Many institutions believe they already comply because they implemented measures from prior regulations; they think complying with the Red Flags Rules is just documenting procedures now in place. TowerGroup believes that most institutions lack some aspect of the new rules and must do far more than "document documentation." In fact, only one-third of US banks will likely be fully compliant with Red Flags by the deadline. This Research Note offers commentary, clarification, and insights for institutions that must comply.

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