Publications

November 06, 2008

Author: John Allan Lewis, Todd Newton
Source: Memo

On November 9, 2007, the Federal Trade Commission (“FTC”), the Federal banking regulatory agencies, and the National Credit Union Administration, published a joint notice of final rulemaking in the Federal Register (72 FR 63718) finalizing the Identity Theft Red Flags regulations and guidelines. This rule, promulgated pursuant to the Fair and Accurate Credit Transactions Act of 2003 (“FACTA”), requires financial institutions and creditors to develop and implement written “identity theft prevention programs” (the “Red Flag Rules”). The programs must be developed for the identification, detection, and response to patterns, practices, or specific activities – known as “red flags” – that could indicate identity theft. It is generally believed that health care providers fall under the definition of a “creditor.”

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