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Identity Theft Red Flags Rule: Only Half of Institutions Will Beat Deadline

Large Institutions Will Struggle Most to Hit Nov. 1 Date

Only half of U.S. banking institutions will beat the Nov. 1 deadline for compliance with the Identity Theft Red Flags Rule.

This is the key finding of this survey aimed at gauging the success of institutions’ efforts to meet the terms of the new regulatory mandate. The survey, administered electronically in June, drew 300 responses from financial institutions of all sizes.

With roughly three months to go before the Identity Theft Red Flags compliance deadline, an even 50% of institutions surveyed say they are close to compliance and will beat the Nov. 1 date. A combined 47% say they either will barely meet the deadline, won’t make it or don’t know. Only 3% of respondents say they are already completely compliant.

The challenge is even more profound for large institutions (those with $2 billion or more in assets under management), where 61% say they will barely meet the deadline.

But as important as Nov. 1 is to banking institutions, it’s not the sole focus of this survey, which also examines:

What have been banking institutions’ greatest Red Flags challenges?

Their greatest successes?

How will they measure their new programs?

How will they manage them post-Nov. 1?

How do you describe your organization's compliance status?

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Survey Quick Links:

>Download Executive Summary

	Regulatory Guidance FDIC: Interagency Final Regulation and Guidelines \| PDF Joint Final Rule Published in Federal Register \| PDF Agencies Issue Final Ruless \| PDF
	Webinars ID Theft Red Flags Roundtable - Tips from Regulators and Practitioners on How to Meet Nov. 1 Compliance
	Handbooks Identity Theft Red Flags Rule Compliance Survival Guide
	Podcasts Red Flags Rule Survey: Inside Look at the Surprising Findings Banking Regulators on Red Flags Rule Compliance Red Flags Rule: The Road to Compliance
	Articles Progress Report: How Does Your Institution Stack up?
	Blogs Red Flags & What They Mean to Banking Customers ID Theft Red Flags, Business Continuity, Vendor Management - Which is Your Biggest Regulatory Challenge?
	Press Releases Identity Theft Red Flags Rule Survey: Executive Summary Now Available Only Half of Institutions Will Beat Deadline
	Previous Coverage ID Theft Red Flags Update - Article Finance Execs React to Red Flag Rules - Article Red Flag Rules: Now the Hard Work Begins - Article Agencies Issue Final Rules ID Theft: Regulatory Agencies' Perspectives on Threats & Countermeasures - Webinar ISMG Launches Survey Gauging Progress Toward Identity Theft Red Flags Rule Compliance - Press Release