Which federal law requires financial institutions to implement a written identity theft prevention program?

The FACT Act, officially known as the Fair and Accurate Credit Transactions Act, is the correct choice because it specifically mandates that financial institutions establish a written identity theft prevention program. This requirement is part of an effort to help consumers protect their personal information and reduce the risk of identity theft. The law lays out the need for institutions to have policies and procedures in place to detect, prevent, and mitigate identity theft, thus enhancing consumer protection in financial transactions.

In contrast, the SAFE Act, ECOA, and the Gramm-Leach-Bliley Act have different focuses. The SAFE Act primarily addresses mortgage loan originator licensing and registration requirements. The Equal Credit Opportunity Act (ECOA) prohibits discrimination in credit transactions, and the Gramm-Leach-Bliley Act provides guidelines on the sharing and protection of consumer financial information, but it does not specifically mandate an identity theft prevention program. Therefore, the FACT Act stands out as the law directly associated with the creation of identity theft prevention strategies in financial institutions.