The deadline for compliance with the Identity Theft Red Flags Rule is less than one month away. Financial institutions are scrambling to meet the Nov. 1 deadline. Non-compliance will lead to cease and desist orders and civil money penalties. Financial services research firm Tower Group predicts that less than 1-third of institutions will be compliant by November 1. Institutions must answer three key compliance questions: Have they received board’s approval of the written ID Theft Prevention Program? Have we trained appropriate staff? If you’ve not received board approval yet, see if you can have a committee of the board review and approve your ID theft prevention program (e.g. the Audit Committee)”]
Source: https://www.cuinfosecurity.com/id-theft-red-flags-3-questions-you-must-answer-by-nov-1-a-990