FEDERAL BANKING AGENCIES ISSUE FINAL RULES ON CONSUMER INFORMATION AND RECORDS DISPOSAL
The Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency and Office of Thrift Supervision have issued interagency final rules implementing Section 216 of the Fair and Accurate Credit Transactions Act of 2003. The final rules require financial institutions to develop, implement and maintain, as part of their existing information security programs, appropriate measures to properly dispose of consumer information derived from consumer reports to address the risks associated with identity theft. The final rules will take effect on July 1, 2005.
Elizabeth Anstaett and Vanessa Nelson