Recently the bank regulatory agencies published final regulations that implement Section 114 (Red Flag Guidelines) and Section 315 (Reconciling Address Discrepancies) of the Fair and Accurate Credit Transaction Act (FACT Act).
Red Flag Guidelines
The new regulations require each financial institution to establish a written Identity Theft Prevention Program (Program). As part of the Program every financial institution is required to conduct a risk assessment, develop policies and procedures, obtain board approval and train appropriate personnel. An annual report to the board of directors is a required element of the Program. The Program must be revised on an on-going basis.
Address Reconcilement Procedures
Those who use credit reports also need policies and procedures to use when they receive a notice of address discrepancy from a consumer reporting agency. Procedures must require verification of identity and reporting of the correct address to the consumer reporting agency.
Compliance with the new provisions will require a substantial investment of time. This full-day seminar provides step-by-step instructions to lead you through the entire process from planning through implementation and on to ongoing maintenance of the program. Upon completion of the seminar participants understand how to:
Reconcile address discrepancies;
Conduct a risk assessment;
Detect the Identity Theft Red Flags in connection with the opening of an account or any existing account;
Assess whether the Red Flags detected evidence a risk of identity theft;
Take steps to address the risk of identity theft;
Train staff to implement the Program;
Oversee service provider arrangements; and
Make appropriate reports to management.
Participants receive a detailed 100-page manual that explains all of the new provisions.
Topics
This full-day seminar, which reviews all of the major provisions of the new regulations and guidelines, addresses:
How to develop the required written Program;
How to conduct and document the required risk assessment;
The five categories of red flags;
How to detect and mitigate identity theft;
How to assure service provider compliance; and
Responsibilities of the Board and senior management.
Who Should Attend
The program is designed for compliance officers, auditors, security officers, and operations personnel.
Speaker
Jack Holzknecht is a principal with Pegasus Educational Services, LLC, a training firm headquartered in Louisville, Kentucky. He is an experienced consultant who has provided training to thousands of bankers and examiners for twenty-seven years. He is also a Certified Regulatory Compliance Manager.
Registration and Cancellation
The registration fee for this program is $225 for The Alabama Bankers Association members and $450 for nonmembers. Registration fees include instruction, materials, refreshments and lunch. Full registration fees will be refunded if a cancellation is received on or before ten business days prior to the program. If date of cancellation is less than ten business days prior to the program, a $100 processing fee will be retained. No refunds will be given the day of the program. Substitutions are welcome. All cancellations and substitutions must be received in writing.
More Information
Dress for the program is business casual. To ensure your comfort, please bring a jacket or sweater. If you need additional information, please contact The Alabama Bankers Association office, (334) 834-1890 by email at info@alabamabankers.org. Additional information about this program can also be found by visiting The ABA website at www.alabamabankers.org.
