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To establish an identity theft prevention program designed to detect, prevent and mitigate identity theft in connection with the opening of a covered account or an existing covered account and to provide for continued administration of the program in compliance with the Federal Trade Commission’s Red Flags Rule (16 C.F.R. part 681) implementing §§ 114 and 315 of the Fair and Accurate Credit Transactions Act (FACTA) of 2003, being 15 U.S.C. §§ 1681 et seq.
(Board and Administrative Policies Manual, § 4.74)