| To: Board of Regents | Date: July 24, 2009 |
|---|---|
| From: | |
| Subject: Identify Theft Policy | |
| Reason for Consideration: Action Item | Enclosures: Yes |
Background:
The Federal Trade Commission has enacted new rules under the Fair and Accurate Credit Transactions Act section 114 and 315, which requires colleges and universities with “covered accounts” to implement a policy related to the Red Flags Rule. We have identified the following covered accounts in the Division of Finance and Business Affairs: Student pay cards (as they carry the MasterCard emblem), student accounts with previous outstanding balances, institutional loan, student payment plans, outstanding employee accounts receivable balances, Federal Perkins Loans, Federal Family Education Loan, and emergency student loans. Pursuant to the Red Flag Rules a draft of the identity theft policy is attached for approval by the Board of Regents.