WASHINGTON — CUNA and NAFCU have commented on NCUA's proposed regulation concerning red flags for potential fraud and identity theft under the Fair and Accurate Credit Transactions Act.
NAFCU asked NCUA for further explanation of what is expected in verifying the validity of a change of address request under the proposal. NAFCU also asked that the agencies work with Congress and fellow regulators to block consumer data security breaches and place greater liability with the merchants and other unregulated entities. "NAFCU also encourages the Agencies to support any congressional efforts to strengthen criminal penalties against identity thieves," the letter read.
CUNA wrote in a comment letter to NCUA that it generally supports the proposal jointly issued by the banking regulators on "red flags" pointing to fraud and identity theft. However, CUNA did outline some concerns. First, CUNA said the rules do not address data security vulnerabilities. "We urge NCUA and the other agencies to increase their focus on this issue as a means to address the security breach problem."
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