Can someone tell me which accounts need to be protected under the Red Flags? Is it just consumer deposit accounts or does it include business account as well as things like Safe Deposit Boxes?

You should read the definition of a covered account under the Red Flags guidelines to see what applies to your institution. My guess is that it will cover all consumer accounts (deposits and loans), all business accounts (deposits and loans), safe deposiit boxes and credit cards (if you offer those).

I agree with CSB1 - we are work long hours on this and just about everything we offer here at the bank is a "covered" account!

(3) Covered account means:

(i) An account that a financial institution or creditor offers or maintains, primarily for personal, family, or household purposes, that involves or is designed to permit multiple payments or transactions, such as a credit card account, mortgage loan, automobile loan, margin account, cell phone account, utility account, checking account, or savings account; and

(ii) Any other account that the financial institution or creditor offers or maintains for which there is a reasonably foreseeable risk to customers or to the safety and soundness of the financial institution or creditor from identity theft, including financial, operational, compliance, reputation, or litigation risks.

Hope this helps.

We included commercial loans due to the potential risk.

We included business loans as well as business checking accounts. Almost all of our business accounts are local business owners who also have consumer accounts with us.