16 CFR §681.2 — Duties of card issuers regarding changes of address
16 CFR §681.2, Duties of card issuers regarding changes of address. The FTC's Identity Theft Red Flags rule (16 CFR Part 681), for financial institutions and creditors subject to the FTC's FCRA jurisdiction (non-bank creditors, including most independent mortgage companies).
Verbatim regulatory text
Verbatim provisions from 16 CFR §681.2 — Duties of card issuers regarding changes of address — each quote is a verified substring of the regulator-published source snapshot, not retyped. Quoted for reference; this is not legal advice. The operational layer (P&P updates, prompts) lives in the regulation update kits.
16 CFR §681.2(a)
(a) Scope. This section applies to a person described in § 681.1(a) that issues a debit or credit card (card issuer).
16 CFR §681.2(b)
(b) Definitions. For purposes of this section: (1) Cardholder means a consumer who has been issued a credit or debit card. (2) Clear and conspicuous means reasonably understandable and designed to call attention to the nature and significance of the information presented.
16 CFR §681.2(c)
(c) Address validation requirements. A card issuer must establish and implement reasonable policies and procedures to assess the validity of a change of address if it receives notification of a change of address for a consumer's debit or credit card account and, within a short period of time afterwards (during at least the first 30 days after it receives such notification), the card issuer receives a request for an additional or replacement card for the same account. Under these circumstances, the card issuer may not issue an additional or replacement card, until, in accordance with its reasonable policies and procedures and for the purpose of assessing the validity of the change of address, the card issuer: (1)(i) Notifies the cardholder of the request: (A) At the cardholder's former address; or (B) By any other means of communication that the card issuer and the cardholder have previously agreed to use; and (ii) Provides to the cardholder a reasonable means of promptly reporting incorrect address changes; or (2) Otherwise assesses the validity of the change of address in accordance with the policies and procedures the card issuer has established pursuant to § 681.1 of this part.
16 CFR §681.2(d)
(d) Alternative timing of address validation. A card issuer may satisfy the requirements of paragraph (c) of this section if it validates an address pursuant to the methods in paragraph (c)(1) or (c)(2) of this section when it receives an address change notification, before it receives a request for an additional or replacement card.
16 CFR §681.2(e)
(e) Form of notice. Any written or electronic notice that the card issuer provides under this paragraph must be clear and conspicuous and provided separately from its regular correspondence with the cardholder.
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Source of record: https://claudeforcompliance.com/regs/ftc-16cfr-681-2/
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