Feds Propose Banking ID Theft Rules

In a joint announcement from the board of governors of the Federal Reserve, the Federal Deposit Insurance Corporation, the Federal Trade Commission, the National Credit Union Administration, the Office of the Comptroller of the Currency and the Office of Thrift Supervision, the federal government proposed new identity theft rules for all financial institutions.

The rules would require financial institutions and creditors to create programs to prevent and deal with identity thet. This would include steps to verify an individual's identity, and spotting possible ID theft.

These agencies all are taking comments the Proposed Rulemaking.

The proposed rules can be found at: