Latest Security - Credit Report Topics

FACT Act Rules: Disposal of Information

12/01/2004

The FACT Act requires any user of a credit report to take steps to protect consumers from mis-use of their information by providing for information security and safe disposal of information.

AmEx Offering ID Theft Help

11/01/2004

American Express joined the list of companies offering its customers different levels and types of identity theft protection.

Disposal of Credit Report Information

10/01/2004

One of the FACT Act's new requirements is that creditors dispose of information obtained in a credit report in a timely fashion.

Preparing for the FACT Act: A To-Do List (Activity List)

08/01/2004

During the next six to ten months, the FACT Act provisions will continue to take effect.

FACT Act : Record Retention and More

07/01/2004

The proposal for the protection and destruction of information obtained from consumer reports is out. In some respects, there isn't much new or particularly burdensome about the proposal.

Pitfalls of Opening Accounts Over the Web

01/05/2004

We are a small three branch bank. Our CEO is pressuring the staff to open new checking/savings accounts online at our website. I have been to numerous banking seminars, and from what I understand, banks that currently are opening up new accounts on their websites are suffering substantial losses. What can we do to prevent this from happening at our institution in the event we decide to open new accounts on the Web? And can we restrict the opening of new accounts to residents of our state only?

CIP and compliance with other laws

06/30/2003

I am reviewing the final reg for the CIP and making adjustments to the program and procedure we compiled several months ago. At the end of the discussion of Section 103.121(b)(2)(iii) for Lack of Verification, the final reg indicates "...a bank must comply with other applicable laws and regulations, such as the adverse action provisions under ECOA and FCRA, when determining not to open an account because it cannot establish a reasonable belief that it knows the true identity of the customer." ECOA and FCRA deal with credit products, and I do not see how the current notices apply to denial because you cannot establish someone's identity. Even if you mark "Other" the notice portion refers to credit and I believe it would confuse the applicant. Any thoughts on this?

Credit Applications By Phone: Reg B & Determining The Application Date

02/24/2003

I am a loan processor and the majority of our newest business in over the phone. The customer calls into talk to a loan officer. He/she gets all the information he can at the time and pulls credit. Sometimes, if the credit is really bad, they are declined over the phone and a adverse action or denial letter sent by the end of the week. On the other hand, some prospective clients take a few weeks and sometimes a month to make up their mind. What is considered the actual application date? The date the tell us over the phone to proceed, the actual credit pull date or the date they want to come in and sign?

Customer fees for rescinded loan

11/01/2002

Question: We closed a refinanced home loan several days ago and the customer just called to rescind the loan.

HUD's Proposed Revisions To The GFE

08/01/2002

HUD has published a proposal to make significant changes to the Good Faith Estimate that lenders issue within three days of taking an application. HUD calls this a "simplification" of the GFE.

Vendor Guru Q&A - Security

Proactive Protection: Readiness and Resources for Crisis Response

Deepfake Deception: The New Face of Financial Fraud

Bitcoin ATMs: The Rise, the Fall, the Risks

Staying ahead of check fraud during tax season

Weathering the Storm: Disaster-Proof Your Operations

Counterfeit Cards are Still in Play in the U.S. Banking Arena

Internal Intrusions: Safeguarding Against Employee Fraud and Data Theft

Keeping Up With the Fraudsters

Telephones in Vaults

Navigating the Next-Generation Wave of Check Fraud

Facilities Coordinator as After-Hours Contact

03/02/2025

We have hired on a facilities coordinator to help with the maintenance of our buildings. He lives very close by to our main office and we are hoping that he could eventually become an after-hours contact for the security system as well, but my boss feels as though she remembers there possibly being an issue with doing this. Would you be willing to share your thoughts on this with us?

Smarter ATM and Branch Surveillance

03/02/2025

Cameras are a critical component of ATM and branch security to protect staff, customers, and ATMs.

A New Era of ATM Tech and Crime Tactics

03/02/2025

On September 2, 1969, the first Automated Teller Machine (ATM) - called the Docuteller - started doling out dollars at Chemical Bank (now Chase Bank) in Rockville Center, New York.

Crypto Chaos: Historic Bybit Hack Sparks $5.5 Billion 'Bank Run'

02/24/2025

Flooding the headlines and sending shockwaves through the cryptocurrency and financial sectors, prominent Cryptocurrency Exchange Bybit reported on Friday, February 21, 2025, that a hacker had gain

OD Kits Onsite

02/23/2025

Someone was telling us that a lot of businesses are now installing overdose kits (Narcan) in all their public locations and training staff on CPR, AED, OD, etc. I am not sure we want to do this yet. Have you been hearing about this also? Seems like a lot to ask of a staff member, but then again ODs do seem to be happening everywhere.

Latest Security - Credit Report Topics

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