ID Theft Red Flags FAQ IIA3 – Do the Red Flags Rules and Guidelines apply to banks and savings associations whose powers are limited to trust activities?

Compliance > Lending > FCRA
Q:  Do the Red Flags Rules and Guidelines apply to banks and savings associations whose powers are limited to trust activities?
 
A:  Yes.  As described above, the Red Flags Rules and Guidelines apply to “financial institutions” as defined in the FCRA. Therefore, all banks and savings associations, including those whose powers are limited to trust activities, are covered by the Red Flags Rules and Guidelines.
 
 
ADDITIONAL INFORMATION:
This information was obtained from the Interagency FAQs for Identity Theft Red Flags and Address Discrepancies - https://www.federalreserve.gov/newsevents/pressreleases/files/bcreg20090611a1.pdf
 

Add Feedback