WASHINGTON — About four years in the making, the federal financial institutions regulators are rolling out two final interagency rules under the Fair and Accurate Credit Transactions Act.
The federal financial institutions regulators are jointly issuing the rules. The NCUA Board approved the rules by notation vote Oct. 15 while the FDIC released them following yesterday's board meeting.
The interagency final rule on marketing provides consumers with notice and opportunity to opt out of certain marketing by affiliated financial institutions. It would allow consumers, with exceptions, to have more control over how affiliates may use "eligibility information" like account history and other information from consumer reports or applications. The opt-out period must be valid for at least five years.
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Additionally, the regulators were required to create a rule to permit consumers to "red flag" their credit accounts to prevent potential fraud. The rule requires financial institutions and creditors to establish written identity theft prevent programs, set guidelines to address the policies and procedures, test the validity of a change of address request in certain circumstances, and address policies and procedures when a notice of address discrepancy is received from a reporting agency.
The compliance dates for the rules are late in 2008.
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