The Fair and Accurate Credit Transactions Act (FACT Act)
This discussion will offer FACT Act compliance guidance, including:
- Why did the FTC create the FACT Act?
- Who is a financial institution?
- What is a covered account?
- Who is deemed to be offering credit?
- What are the regulators looking for in terms of documentation?
- What red flags are appropriate for your specific business and client mix?
- What are the four required cornerstones of a firm’s ITPP (“Identity Theft Prevention Program”)?
These and other still misunderstood and confusing issues surrounding the FACT Act and how to ensure the development of an effective ITPP will be clarified, enabling participants to have confidence in their firm’s FACT Act compliance.
After attending this course, attendees should be able to:
- List the requirements under the FACT Act
- Be better equipped to guide their firms in developing an appropriate ITPP
- Identify and understand the ITPP components regulators expect firms to have in place
For whom: Designed to increase the professional competence of broker-dealer professionals with legal, compliance and management responsibilities
Suggested Skill Level: Basic
Instructional Method: Group Internet-Based
Prerequisites for participation: No prerequisites are required. However, attendees can benefit by reviewing the FINRA FACT Act Notice, FINRA FACT Act Template, and the FTC FACT Act
Advance Preparation: None
Continuing Education Credits:
See NRS Continuing Education Guide
Recommended CPE Credit: 2 in the Regulatory Ethics field of study
Recommended IACCP® CE Credit: 2
Recommended CA MCLE Credit: 2
Recommended CFP® Credit: Pending