Identity Theft Red Flag Refresher: Important for 2009
Federal credit unions faced a deadline of Nov. 1, 2009, and state-chartered credit unions face a mandatory deadline of May 1, 2009, to comply with Fair and Accurate Credit Transactions Act (FACT) regulations referred to as Red Flag Rules. The act contains provisions to help reduce identity theft, such as the ability for individuals to place alerts on their credit histories if identity theft is suspected, or if deploying overseas in the military, thereby making fraudulent applications for credit more difficult.
During a Jan. 8 Webinar, R. Todd Sherpy will review what is required for the Red Flag Rules and explore any gaps that credit unions may have overlooked with meeting full compliance – including liability protection. The session will address risk assessment, required policies and internal training requirements to provide protection from legal liabilities including guidance on policies, forms and ancillary documentation that a credit union should consider.
Sherpy will provide references to resources that credit unions may access to address various matters, and will review issues often overlooked in the rush to address basic compliance. Todd is a founding partner in the South Carolina law firm of Sherpy & Jones, P.A., and is general counsel to the South Carolina and Georgia Credit Union Leagues.
“It’s very important credit unions fully understand these new identity theft regulations,” said MCUL Executive Vice President Patrick La Pine. “The MCUL is making an extra effort to reach as many credit unions as we can to go over the steps for creating a comprehensive identity
theft prevention program.”
To register, visit the MCUL Web site, keyword: 09REDWEB. The educational investment is $169 per Internet connection, and is designed for CEOs, managers and compliance professionals. General information on these regulations can be found at InfoSight by visiting