Duties regarding the detection, prevention, and mitigation of identity theft.

CFR · 2024-01-01 · US · Title 12

(a) (b) (1) (i) An extension of credit, such as the purchase of property or services involving a deferred payment; and (ii) A deposit account. (2) The term (i) In the case of a branch or agency of a foreign bank, the managing official in charge of the branch or agency; and (ii) In the case of any other creditor that does not have a board of directors, a designated employee at the level of senior management. (3) (i) An account that a financial institution or creditor offers or maintains, primarily for personal, family, or household purposes, that involves or is designed to permit multiple payments or transactions, such as a credit card account, mortgage loan, automobile loan, margin account, cell phone account, utility account, checking account, or savings account; and (ii) Any other account that the financial institution or creditor offers or maintains for which there is a reasonably foreseeable risk to customers or to the safety and soundness of the financial institution or creditor from identity theft, including financial, operational, compliance, reputation, or litigation risks. (4) (5) (6) (7) (8) (9) (10) (11) (c) (1) The methods it provides to open its accounts; (2) The methods it provides to access its accounts; and (3) Its previous experiences with identity theft. (d) (2) (i) Identify relevant Red Flags for the covered accounts that the financial institution or creditor offers or maintains, and incorporate those Red Flags into its Program; (ii) Detect Red Flags that h

official document · source cfr-2024 · id 12:§ 41.90