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Trades Comment on Red Flags Proposal

CUNA and NAFCU have commented on NCUA's proposed regulation concerning red flags for potential fraud and identity theft under the Fair and Accurate Credit Transactions Act.

By Staff Writer | Updated on September 26, 2006

WASHINGTON — CUNA and NAFCU have commented on NCUA’s proposed regulation concerning red flags for potential fraud and identity theft under the Fair and Accurate Credit Transactions Act.

NAFCU asked NCUA for further explanation of what is expected in verifying the validity of a change of address request under the proposal. NAFCU also asked that the agencies work with Congress and fellow regulators to block consumer data security breaches and place greater liability with the merchants and other unregulated entities. “NAFCU also encourages the Agencies to support any congressional efforts to strengthen criminal penalties against identity thieves,” the letter read.

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