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Red Flags Hover as November Nears

SAN DIEGO -- Seems like it was just yesterday when credit unions were scrambling to meet the new FFIEC requirements for protecting consumer identities online.

By Marc Rapport | Updated on May 06, 2008

SAN DIEGO — Seems like it was just yesterday when credit unions were scrambling to meet the new FFIEC requirements for protecting consumer identities online.

Now the talk has turned to Red Flag. It’s a sweeping collection of regulations ordered up by Congress in the Fair and Accurate Credit Transactions Act and pushed out to the financial institution world by no less than six federal agencies, including a 59-page set of rules from the NCUA. The Red Flag program lays out a list of requirements that carry a Nov. 1 deadline and that no financial institution can afford to ignore, a prominent compliance expert said.

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