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Responsibility for Notifying Dealers and Brokers
Answered by BOL Gurus Mary Beth Guard and Jack Holzknecht

Question: Are auto dealers and mortgage brokers being notified they are required to have ID Theft Prevention programs in place, or is it up to the financial institution to inform them?

Answer: Auto dealers and mortgage brokers are regulated by the Federal Trade Commission (FTC). Such entities are not as closely regulated as financial institutions. The FTC does not "ride" the businesses that they regulate as closely as the financial institutions regulatory agencies do financial institutions. Auto dealers and mortgage brokers have been informed of the changes by entities such as their trade associations, but it is likely that you will have to pull those institutions into compliance.

Editor's Note: On October 22, 2008, The FTC announced the suspension of enforcement of its new "Red Flags Rule" until May 1, 2009, to give FTC-supervised creditors and financial institutions additional time to develop and implement written identity theft prevention programs. The FTC action does not affect enforcement of the original November 1, 2008, deadline for compliance by institutions subject to oversight by other federal agencies.   Red Flags

Archive of Featured Red Flag Questions

First published on 10/24/08

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