[Dataloss] fringe Federal law and ID theft prevention

[Henry Brown]

A ~2300 word "posting" with at least 20 different related links....


http://www.jonesday.com/pubs/pubs_detail.aspx?pubID=S5427

On December 4, 2003, the President signed into law the Fair and Accurate 
Credit Transactions Act ("FACTA"). FACTA was enacted by Congress to 
provide consumers with increased protection from identity theft. The 
regulations directed six agencies to jointly "establish and maintain 
guidelines…[that] identify patterns, practices, and specific forms of 
activity that indicate the possible existence of identity theft."[1] 
Accordingly, the six agencies published the final regulations on 
November 9, 2007, and those regulations became effective January 1, 
2008.[2] However, compliance with the regulations is not mandatory until 
November 1, 2008.[3]

The final regulations contain three parts. First, they require covered 
entities to create a written identity theft program designed to detect, 
prevent, and mitigate identity theft in connection with certain covered 
accounts (the "Red Flag Rules" or the "Rules"). Second, the regulations 
impose requirements on consumer reporting agencies related to 
discrepancies between an address contained in a request for a consumer 
report and the address in the consumer reporting agency's file. Third, 
the regulations impose requirements on debit and credit card issuers to 
implement procedures to assess the validity of address changes under 
certain circumstances.