SEC and CFTC Propose Identity Theft Rules

March 8, 2012
Client Alert

The Securities and Exchange Commission and Commodity Futures Trading Commission recently proposed rules and guidelines that would require certain entities to develop and implement a written identity theft prevention program that is designed to detect, prevent, and mitigate identity theft in connection with certain existing accounts or the opening of new accounts. The Dodd-Frank Wall Street Reform and Consumer Protection Act amended certain federal laws to require the Commissions to jointly adopt rules and issue guidelines for “financial institutions” and “creditors” regarding identity theft. A “financial institution” generally includes any person that, directly or indirectly, holds a transaction account belonging to a consumer. A “creditor” generally includes a person that regularly in the course of business advances funds to or on behalf of a person based on an obligation to repay the funds. 

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