Regulatory Compliance
Verit is built with compliance in mind. Our platform helps you meet regulatory requirements while protecting your customers from fraud.
Regulations We Help You Meet
Built-in support for key financial services regulations
Red Flags Rule (FACTA)
FTC / CFPB
Requires financial institutions to implement Identity Theft Prevention Programs to detect, prevent, and mitigate identity theft.
How Verit Helps:
- Detects 26+ FTC-specified red flag patterns
- Documents all fraud indicators automatically
- Provides complete audit trails for examinations
- Supports reasonable policies and procedures
Fair Credit Reporting Act (FCRA)
CFPB
Governs the collection, dissemination, and use of consumer credit information.
How Verit Helps:
- Verit is NOT a Consumer Reporting Agency (CRA)
- We do not provide consumer credit reports
- Verification data is for internal fraud prevention only
- Supports adverse action notice requirements
Gramm-Leach-Bliley Act (GLBA)
FTC / OCC / FDIC
Requires financial institutions to explain their data-sharing practices and protect sensitive data.
How Verit Helps:
- Encryption and access controls for all customer data
- Employee training on data handling requirements
- Incident response procedures documented
- Regular risk assessments and security audits
California Consumer Privacy Act (CCPA)
California AG
Gives California consumers rights regarding their personal information collected by businesses.
How Verit Helps:
- Right to know what data is collected
- Right to delete personal information
- Right to opt-out of data sale (we don't sell data)
- Non-discrimination for exercising rights
Built-In Compliance Tools
Features designed to make compliance easier
Complete Audit Trails
Every action in the system is logged with immutable audit trails. View who accessed what data, when, and from where.
Examiner-Ready Reports
Generate compliance reports on demand for regulatory examinations. Export fraud detection statistics and Red Flags documentation.
Data Retention Policies
7-year data retention for regulatory compliance. Audit logs are immutable and retained indefinitely.
Red Flags Rule Compliance
The FTC's Red Flags Rule requires creditors to implement an Identity Theft Prevention Program. Verit provides the tools to meet these requirements.
Red Flags We Detect
Verit automatically detects red flags as defined by the FTC, including:
- • Alerts from consumer reporting agencies
- • Suspicious documents
- • Suspicious personal identifying information
- • Unusual account activity
- • Inconsistent application information
- • Address discrepancies
- • Identity theft reports
- • Fraudulent contact information patterns
Documentation for Examiners
When regulators examine your Identity Theft Prevention Program, Verit provides:
- Documented red flag detection for each application
- Complete audit trails showing response to red flags
- Statistics on fraud detection and prevention
- Evidence of ongoing program updates
Important Notice
This page provides general information about regulatory compliance and is not legal advice. Organizations are responsible for ensuring their own compliance with applicable laws and regulations. We recommend consulting with legal counsel regarding your specific compliance obligations.