Bulletin: July 31, 2009
Delay in FTC Red Flag Rules
On Wednesday, July 29, 2009, the Federal Trade Commission (FTC) announced a third delay for compliance with the Red Flag Rules. The delay is for three months, with compliance now scheduled for November 1, 2009. The Red Flag Rules require “creditors” to establish and enforce written identity theft prevention programs as part of the Fair and Accurate Transaction (FACT) Act of 2003. Originally, the programs were to be in place by November 1, 2008, but the deadline was extended until November 1, 2009 to give creditors and financial institutions more time to review the guidance provided by the FTC and to develop and implement written Identity Theft Prevention Programs.
See the article in the February 2009 Quadax newsletter for further details on the program.