Contributed by Organizations or Campuses; Articles, Papers, and Reports; and Cybersecurity Policy

Summary of the The Fair Credit Reporting Act, which is a subchapter of the Consumer Credit Protection Act (15 U.S.C. § 1601et seq.) requires employers to advise applicants if employment was denied based on a credit report.

Financial Institutions and "Creditors" are subject to the Red Flag regulation but what companies might overlook is the definition as to what constitutes a creditor. Companies need to ascertain if they are fall under this classification since, if they need, they need to comply with the FTC regulation. The author gives an overview of the rules and who they affect.

This is a legal alert concerning the Red Flag Regulations that go into effect on November 1, 2008

On November 9, 2007, the Federal Trade Commission published final rules implementing part of the Fair and Accurate Credit Transactions Act of 2003 (FACTA)regarding the duties of creditors, card issuers and users of consumer reports with respect to the prevention of identity theft. These new regulations went into effect on January 1, 2008 and compliance is required by November 1, 2008. The regulations are organized in three parts which are summarized in this memo.

NACUBO's brief opinion concerning how the Federal Trade Commission (FTC)'s Red Flags Rule applies to Colleges and Universities as Creditors.

"Two weeks ago, we described a report from the National Research Council on the challenges of balancing an open academic research environment with the risks that the fruits of the research could be adopted by terrorists. One of the report's recommendations was the formation of a standing committee comprised of academics and members of the national security agencies. It turns out that the FBI had already heeded similar advice—back in 2005."