Comprehensive ID Theft Process Now Required
WASHINGTON-NCUA and banking regulators instituted new rules requiring all financial institutions to adopt comprehensive procedures to prevent and resolve identity theft. The procedures require creditors to identify and respond to patterns, practices and forms of identity theft "red flags," and update the program regularly.
The final rules also require credit and debit card issuers to develop procedures to assess the validity of a request for a change of address that is followed closely by a request for an additional or replacement card. The rules also require users of consumer reports to develop reasonable procedures to apply when they receive a notice of address discrepancy from a consumer reporting agency.
Former Bank Lobbyist Joins CUNA Washington
WASHINGTON-Former financial lobbyist Michele Johnson has joined CUNA as director of federal legislative affairs.
Prior to CUNA, Johnson was VP of state and local government affairs for Countrywide Financial. She previously was VP for government relations at U.S. Bancorp in Minneapolis.
Johnson also served as a legislative assistant to U.S. Sen. Kent Conrad (D-ND) from 1994-1997 and was a North Dakota assistant attorney general from 1992-1994.
Credit Freeze Capability Comes to Consumers
WASHINGTON-Consumers in all 50 states now will be able to freeze their credit in cases of identity theft through all three credit bureaus. Equifax, TransUnion and Experian will allow consumers to freeze their credit against anyone trying to open a new account or get new credit in their name. Consumers will be able to unlock their credit using a PIN.
