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 share or deposit account. (2) The term (3) (i) An account that a federal credit union 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, checking account, or share account; and (ii) Any other account that the federal credit union offers or maintains for which there is a reasonably foreseeable risk to members or to the safety and soundness of the federal credit union from identity theft, including financial, operational, compliance, reputation, or litigation risks. (4) (5) (6) (7) (8) (9) (10) (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 federal credit union offers or maintains, and incorporate those Red Flags into its Program; (ii) Detect Red Flags that have been incorporated into the Program of the federal credit union; (iii) Respond appropriately to any Red Flags that are detected pursuant to paragraph (d)(2)(ii) of this section to prevent and mitigate identity theft; and (iv) Ensure the Program (including the Red Flags determined to be relevant) is updated periodically, to reflect changes in risks to memb

official document · source cfr-2024 · id 12:§ 717.90