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DOVER, Del. – During a conference regarding identity theft sponsored by NAFCU, Treasury Deputy Assistant Secretary for Critical Infrastructure Protections and Compliance Policy Michael Dawson told attendees that efforts to comply would be hard work. Dawson complimented credit unions, during the conference held at Dover Federal Credit Union, for their compliance with the USA PATRIOT Act. “Never before in the history of financial regulation have so many new regulatory burdens been imposed on such an array of financial institutions in so short a period of time,” Dawson commented. He added that credit unions must also help in the fight against identity theft. The Treasury official discussed the provisions in the Fair and Accurate Credit Transactions Act, the upcoming regulations, and how they impact credit unions. Achieving balance in these regulations is the challenge, Dawson noted. “Maybe different rules make sense for different types of credit. Maybe the notice could be limited to situations in which very specific, objective, quantifiable terms are affected in some specific, quantifiable way?” he pondered. However, the hardest part of the FACT Act will be financial institutions’ efforts to comply, Dawson concluded.

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