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FORGET YOUR PASSWORD? Editor: Lucy H. Griffin Board of Advisors: John S. Byrne, Esq. Robert P. Chamness Cliff E. Cook Phillips G. Gay, Jr. Barbara Hurst Richard Insley Michael D. Maher Robert G. Rowe, III Andy Zavoina |  |
Volume 9, Number 16 This issue went to press on January 7, 2005. Table of Contents CRA: The OTS Proposal Both the OCC and the FRB decided to make no significant changes to their CRA regulations. OTS is the only agency taking independent steps to re-evaluate the challenging issues facing bankers. FACT ACT: Fact Act Rules: Disposal of Information (3 Action Steps) Under the FACT Act final rules "ignorance is not bliss". The obligation to keep secure and safely dispose of consumer information is absolute. FACT ACT Update: Fair and Accurate Credit Transactions Act The FACT Act has been the compliance challenge of 2004. FACT ACT Chart Fair and Accurate Credit Transactions Act (2 page chart) In the Editor's Opinion: What Makes CRA So Difficult? CRA is a moving target. No bank can be totally confident of what the examiners will conclude at the end of a CRA evaluation. Compliance Notes Compliance Q&A
Account hijacking is the fastest growing form of identity theft. The FDIC recommends ways to strengthen information security and reduce account hijacking. 
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