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ALEXANDRIA, Va. – NCUA, along with the other federal financial regulators, is seeking public comment on proposed regulations regarding identity theft red flags and to address discrepancies under the Fair and Accurate Credit Transactions Act of 2003.

The proposal, for which comments are due Sept. 18, would require each financial institution and creditor to develop and implement an identity theft prevention program that includes policies and procedures for detecting, preventing, and mitigating identity theft in connection with account openings and existing accounts. It also includes guidelines listing patterns, practices, and specific forms of activity that should raise a red flag signaling a possible risk of identity theft. Under the proposed regulations, financial institutions or creditors would have to include in their identity theft prevention program policies and procedures for detecting any “red flag” relevant to its operations and implement a mitigation strategy based on risk.

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