Complying with the FTC Identity Theft Program Requirements
Answered by BOL Gurus Mary Beth Guard and Jack Holzknecht Bios
Question: I'm not familiar with the FTC identity theft program requirements, but will all businesses be required to comply? If we as financial institutions are required to have oversight responsibilities to ensure service providers have procedures in place and incorporate this into the legal contract, will this apply if the business is not required to have such a program?
Answer: Coverage under the FTC rule would extend to non-bank lenders, mortgage brokers, motor vehicle dealers, utility companies, and any other person that regularly participates in a credit decision, including setting the terms of credit.
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