FDIC issues supervisory policy on indentity theft

Bank News, June, 2007 by Anonymous

The FDIC has issued its "Supervisory Policy on Identity Theft." The policy describes the characteristics of identity theft and sets forth the FDIC's expectations that institutions under its supervision take steps to detect and prevent identity theft and mitigate its effects in order to protect consumers and help ensure institutions' safe and sound operations.

Highlights of the policy:

* Identity theft poses risks to consumers and the safe and sound operation of financial institutions.

* The FDIC has well-defined expectations of how institutions should detect and prevent ID theft and mitigate its effects.

* The policy lays out the FDICs approach to addressing identity theft and contains standards that institutions are expected to meet to protect customers'...

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