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Final regulations implementing Section 114 (Red Flag Guidelines) of the Fair and Accurate Credit Transaction Act (FACT Act) were effective on November 1, 2008. Substantial work was needed to meet the compliance deadlines of Section 114. But the work did not stop in 2008. The responsibilities are ongoing. This webinar provides step-by-step instructions on how to comply with the ongoing requirement to maintain your Identity Theft Prevention Program.

The joint regulations required each financial institution to establish a written Identity Theft Prevention Program (Program). As part of the Program every financial institution was 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 for oversight of the Program. There
are ongoing responsibilities in all elements of the Program.

Why Participate?

Upon completion, participants understand the ongoing responsibility to:

• Maintain an Identity Theft Prevention Program
• Train staff to implement the Program
• Oversee service provider arrangements
• Make appropriate reports to management.

Participants receive a detailed manual that explains all of the new provisions.

Highlights

• How to periodically update the risk assessment
• When and how to update the Identity Theft Prevention Program
• Monitoring service provider compliance
• Content of the required annual reports
• Management response to annual reports
• Audit responsibilities
• When and how to provide ongoing training
• Documenting training.

Speaker

Jack Holzknecht, a principal with Pegasus Educational Services, LLC, has provided training to thousands of bankers and examiners for 27 years. Jack’s career began as a federal bank examiner. He also headed the form and software division of a regional consulting company and headed their education division for 7 years. Jack has been an instructor at compliance schools presented by the Kentucky, Pennsylvania, New York and Texas bankers associations. He also developed and delivered training for the FDIC and OTS.

Audience

The program is designed for senior management, compliance officers, auditors, security officers, and operations personnel.