The Securities and Exchange Commission and the Commodity Futures Trading Commission have jointly adopted new rules to enable financial firms to set up programs to locate evidence of attempts to steal personal information and to deter identity theft.
The Dodd-Frank Act directed the SEC and the CFTC to issue rules, which will take effect later this year, governing the protection of consumers' personal information.
"These rules are a common-sense response to the growing threat of identity theft to all Americans who invest, save, or borrow money," Chairman Mary Jo White, who was confirmed by the Senate on Monday, said in a press release.
"The rules require companies that issue credit or debit cards to take cautionary steps when they receive a request for a new card shortly after they receive a notice of a change of address for the cardholder's account," writes American Banker's Brian Browdie.
For the full piece see "
