The New Rules Under FACTA: Red Flags for Identity Theft and Affiliate Marketing Compliance
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Learn more on identity theft prevention and how to stay compliant with affiliate marketing under the new rules of FACTA.The Fair and Accurate Credit Transactions Act (FACTA) of 2003, amending the Fair Credit Reporting Act (FCRA), requires financial institutions and creditors to develop and implement written identity theft prevention programs. The Federal Trade Commission (FTC), the federal bank regulatory agencies, and the National Credit Union Administration (NCUA) have issued regulations implementing sections 114 and 315 of FACTA, referred to as the Red Flag Rules. Under the Red Flag Rules, financial institutions and creditors must develop a written program that identifies and detects the relevant warning signs, or 'red flags', of identity theft. Creating a Red Flag Compliance program can sound daunting and some creditors have put this on the bottom of their priority lists for that reason. Compliance with the Red Flag rules is not as onerous as it seems and this material will help you understand how to integrate identity theft prevention into your business' operations.
AuthorsJacob Boehner, Esq., Greenspoon Marder LLP Ashley M. Elmore Drew, Esq., Greenspoon Marder LLP
Identity Theft Prevention
• Who Has to Develop a Red Flag Compliance Program?
• What Are These Red Flags?
• How Have the Requirements Evolved?
• What Counts as an Affiliate?
• What Are the Notice and Opt-out Requirements?
• Methods of Notice
Red Flag Compliance Programs
• Where to Begin: Who Are Your Primary Users, Providers, and Maintainers of Information?
• Building a System That Detects, Prevents, and Responds to Identity Theft
• Making It All Work in Reality