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Each year credit unions are faced with more challenges to create greater value for members and compete with other financial institutions as the cost of doing business increases overall. These challenges have heightened in the current market where financial giants continue to fail and consumers start to look at community-based credit unions to be a better source for banking. At the same time, credit union executives are burdened with developing and maintaining new compliance standards, including the Fair and Accurate Credit Transaction Act of 2003 Section 114, with a mandatory compliance date of Nov. 1. However, there are ways to reduce the weight of this new compliance initiative and leverage it to the credit union’s advantage.

Credit unions must take four actions to become fully compliant with the Red Flag regulations: identify Red Flags for accounts and incorporate them into the program; detect Red Flags that have been incorporated; respond to any Red Flags to detect and mitigate identify theft; and ensure the program is updated periodically.

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