UPDATE:
As of Friday, May 28, 2010, the Red Flags Rule under the FACT Act is delayed again through DECEMBER 31, 2010.
The Identity Theft Red Flags & Address Discrepancies Final Rule under the FACT Act, known as the Red Flags Rule, mandates that all mortgage lenders and brokers must have a written identity theft plan to detect, prevent and mitigate identity theft in connection with certain financial accounts. In addition, the Red Flags Rule requires identity theft detection training for employees who are in the position to detect identity theft, including loan originators, sales managers, and processors. The guidelines accompanying the final rule are designed to assist financial institutions and creditors in formulating and maintaining an identity theft program that satisfies the requirements of the new rule.
Is your plan ready? If not, AllRegs can help.
All recommended elements for a Red Flag Rules written plan required by regulatory agencies are completely covered in AllRegs’ new Red Flags Identity Theft Plan Template. It serves as a clear directive for compliance officers to implement a successful Identity Theft Program, as required by the Red Flags Rule.
This plan template is delivered in an MS Word document and completely customizable with your company name and company-specific policies. Suitable as a component for other company-wide training, the plan includes key workflow steps for processors and underwriters. It also includes a summary of each federal regulation that is related to the new law.
