CFPB Describes New Law Protecting Minors from Identity Theft and Fraud
The Consumer Financial Protection Bureau (CFPB) recently issued a blog post on a new federal law providing more protection to minors under 16 years of age from identity theft and fraud. The law went into effect on September 21, 2018, and permits parents, legal guardians, and child welfare representatives of children under the age of 16 to request a credit freeze on behalf of the child. The credit freeze makes it harder for identity thieves to open new accounts using the child’s personal information. Since minors normally do not have credit reports, they may not find out about issues with their credit until years later when they first attempt to get credit.
CLA’s financial institution regulatory compliance team assists banks and credit unions nationwide in establishing regulatory compliance programs, conducting compliance testing, and training staff on regulations. Justin Robinson is a member of CLA’s regulatory compliance team and can be reached at justin.robinson@CLAconnect.com.
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