Wolters Kluwer Unveils Site to Help CUs Comply With FACT Act
WASHINGTON -- Help is on the way for credit unions who are trying to put together their federally-mandated identity theft protection plans.
The assistance comes in the form of a free Web site launched last week by Wolters Kluwer Financial Services.
The Red Flag Resource Center will include articles, blogs, and other information to help credit unions and other financial institutions develop policies and train their employees.
The site is: http://www.wolterskluwerfs.com/info/redflagrc/index.html?WT.mc_id=534.
By Nov. 1, all financial institutions must comply with the Fair and Accurate Credit Act's Red Flag Rules which includes implementing a comprehensive identity theft prevention program.
The new site will help financial institutions "solidify compliance with the new requirements so they are prepared for the regulatory review come Nov. 1," said Todd Cooper, vice president and general manager of the company's financial intelligence unit.
Another provision of the law requires issuers of debit or credit cards to assess the validity of a change of address if they receive notification of a change of address for a consumer's debit or credit card account and, within a short period of time afterward they receive a request for an additional or replacement card for the same account.