"Red Flags" Rule Postponed Until November 1, 2009; FTC Announces Three-Month Extension for Expanded Business Education Campaign
7/29/2009
The Federal Trade Commission (FTC) today announced that it will again delay enforcement of the Red Flags Rule until November 1, 2009 in order to assist small businesses and other entities with compliance issues. The FTC also plans to offer additional guidance “to clarify whether businesses are covered by the Rule.” Implementation for the Red Flags Rule had been scheduled for August 1, 2009.
The Red Flags Rule, developed to “detect, and respond to the warning signs, or ‘red flags,’ that could indicate identity theft,” was mandated by the Fair and Accurate Credit Transactions Act of 2003. Enforcement of the Rule was previously postponed twice by the FTC in order “to give creditors and financial institutions more time to develop and implement written identity theft prevention programs.” The FTC press release announcing the latest delay is available at this link.
For more information on the Red Flags Rules, please see these earlier Waller Lansden bulletins:
The opinions expressed in this bulletin are intended for general guidance only. They are not intended as recommendations for specific situations. As always, readers should consult a qualified attorney for specific legal guidance.
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