July 17, 2006 News Archive

FinCEN Imposes Special Measures Against VEF Banka
In SR 06-10, the Federal Reserve Board advises banking organizations under its supervision of new obligations relating to joint stock company VEF Banka imposed by the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN). FinCEN issued a final rule on July 7, 2006, which prohibits all covered financial institutions from opening or maintaining a correspondent account in the United States for, or on behalf of, VEF Banka and its branches, offices, and subsidiaries.

Agencies Propose Rules on Identity Theft Red Flags and Notices of Address Discrepancy
In a joint press release, the federal financial institution regulatory agencies and the Federal Trade Commission are soliciting comments on a Notice of Proposed Rulemaking (NPRM) concerning identity theft "red flags" and address discrepancies. The regulations would require:

• each financial institution and creditor to develop and implement an identity theft prevention program that includes policies and procedures for detecting, preventing, and mitigating identity theft in connection with account openings and existing accounts;
• credit and debit card issuers to develop policies and procedures to assess the validity of a request for a change of address followed closely by a request for an additional or replacement card;
• users of consumer reports to develop reasonable policies and procedures that they must apply when they receive a notice of address discrepancy from a consumer reporting agency.