MANDATORY RED FLAGS COMPLIANCE PROGRAM 

 

BULLETIN: on May 28, 2010, the Federal Trade Commission (FTC) further delayed enforcement of the the "Identity Theft Red Flags & Address Discrepancies" Final Rule (Red Flags Rule) under the FACT Act through DECEMBER 31, 2010To view the FTC's statement, please click here.

 

Although the rule has been further delayed, this does not mean your ability to become Red Flags compliant has been further delayed!  Now is the perfect opportunity for you to be proactive on this issue. 

 

The rule requires mortgage brokers to develop and implement a written Identity Theft Prevention Program to detect, prevent, and mitigate identity theft in connection with certain financial accounts. Also required is identity theft detection training for employees including processors, loan officers, and sales managers. The guidelines accompanying the final rule are designed to assist financial institutions and creditors in formulating and maintaining a Program that satisfies the requirements of the new rule.

NAMB Summary Red Flag Rule

 

After careful evaluation of numerous companies providing tools for the written Identity Theft Prevention Program and employee training modules, NAMB has partnered with Majestic Security, LLC to offer the most beneficial options for NAMB members. Each vendor has its advantages for members of varying size and complexity. 

 

Please review both to determine which solution is right for your company by clicking the buttons below.

 

 

 

                                                     

                                      PROMO CODE: NAMB09

 

 

 

***Reminder: January 1, 2011 mandatory compliance date

 

 

 

 

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