ACB: Press Releases

Contact:	Robert Schmermund (202) 857-3104 Jim Eberle (202) 857-3145	Jim Eberle (202) 857-3145 (work) (703) 893-2593 (home) [email protected]	For Immediate Release September 19, 2006 #06-55
E-mail: [email protected]

ACB URGES REGULATORS TO RESCIND ‘RED FLAGS’ PROPOSAL, ISSUE ALTERNATIVE WITH ONLY FACT ACT REQUIREMENTS

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America’s Community Bankers is urging the federal banking agencies and the Federal Trade Commission to rescind its proposed identity theft “red flags” proposal because it overlaps with many existing regulatory requirements. ACB urged regulators to draft an alternative outlining only the new requirements of the Fair and Accurate Credit Transactions Act so that they don’t overlap.

The large number of duplications would require banks to expend resources with only a disproportionately small benefit when completed, ACB said.

ACB also urged the agencies to move language from a footnote to the body of the final rule, and to incorporate into examiner training materials that the rule should not “unduly burden” smaller institutions with onerous regulations. ACB also called for clarification that complying with the existing Customer Identification Program would be deemed compliance with the proposed FACT Act rule.

Click here to read the comment letter.

America’s Community Bankers is the national trade association committed to shaping the future of banking by being the innovative industry leader strengthening the competitive position of community banks. To learn more about ACB, visit www.AmericasCommunityBankers.com.

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