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Can you summarize 12 CFR Part 222, Subpart J?
FAIR CREDIT REPORTING (REGULATION V) > Identity Theft Red Flags
Short Summary
This section of the Code of Federal Regulations, under the Fair Credit Reporting (Regulation V), outlines the duties of financial institutions and creditors in detecting, preventing, and mitigating identity theft. It applies to member banks of the Federal Reserve System, their subsidiaries, branches and agencies of foreign banks, commercial lending companies owned or controlled by foreign banks, and organizations operating under section 25 or 25A of the Federal Reserve Act. The section defines various terms related to identity theft and requires financial institutions and creditors to periodically identify covered accounts and conduct a risk assessment. It also mandates the establishment of an Identity Theft Prevention Program, which includes policies and procedures to identify and detect red flags, respond to detected red flags, and update the program periodically. The section further specifies the administration of the program, including obtaining approval, involving the board of directors or senior management, training staff, and overseeing service provider arrangements. Financial institutions and creditors are also encouraged to consider the guidelines provided in appendix J of this part.
Whom does it apply to?
Financial institutions and creditors that are member banks of the Federal Reserve System, their subsidiaries, branches and agencies of foreign banks, commercial lending companies owned or controlled by foreign banks, and organizations operating under section 25 or 25A of the Federal Reserve Act
What does it govern?
Duties regarding the detection, prevention, and mitigation of identity theft
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Not specified.
Jurisdiction
U.S. Federal Government