FACTA, Banks and Identity Theft

Paper Summary:

The paper provides the background of the Fair and Accurate Credit Transactions Act (FACTA) and its implications for a bank for compliance purposes. The paper describes the general provisions of the Act and how it applies to banks in general and to state-chartered banks doing business in Tennessee in particular.

Outline:
Background and Overview
General Provisions of the Fair and Accurate Credit Transactions Act
Specific Provisions of the Act as they Apply to the Bank
Summary and Conclusion.

From the Paper:

"The purpose of this memorandum is to provide the bank's chief compliance officer with the background and an overview of the FACTA and its implications for the bank for compliance purposes. The Federal Deposit Insurance Corporation (FDIC) and other federal financial institution regulatory agencies and the Federal Trade Commission (FTC) have jointed published rules related to compliance with the Fair and Accurate Credit Transactions Act (FACTA). This memorandum of law provides a definition of what FACTA (hereinafter alternatively "the Act" or "FACTA") is and to whom the law applies and describes what commercial banks must do to comply with FACTA and any regulations promulgated thereunder."

Sample of Sources Used:

• DeLargy, K. P. (2004, June 15). Federal Reserve System, 12 CFR Part 222 (Regulation V; Docket No. R-1187), Fair Credit Reporting Act: Final rule. Federal Register, 69(114), 33,281.
• Feddis, N. E. (2005), Fact is, FACTA is fractious: One act, many players, many regs, and sometimes no regs. FACTA isn't for the faint-hearted in compliance. ABA Banking Journal, 97(1), 57.
• Interagency advance notice of proposed rulemaking: Procedures to enhance the accuracy and integrity of information furnished to consumer reporting agencies under section 312 of the Fair and Accurate Credit Transactions Act. (2006). Office of the Comptroller of the Currency, Treasury (OCC); Board of Governors of the Federal Reserve System (Board); Federal Deposit Insurance Corporation (FDIC); Office of Thrift Supervision, Treasury (OTS); National Credit Union Administration (NCUA); and Federal Trade Commission (FTC). [Online]. Available: http://www.federalreserve.gov/newsevents/press/bcreg/ bcreg20060322a1.pdf.
• Royal, L. E. (2004, June). Fair credit reporting act tweaked by Congress: Legislation gets a new name and a facelift. Black Enterprise, 34(11), 318.
• Sovern, J. (2004). Stopping identity theft. Journal of Consumer Affairs, 38(2), 233.

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