Topics In This Issue
• Federal Issues
• State Issues
• Firm News
• Consumer Finance
• Privacy/Data Security
• Credit Cards
Excerpt from "Federal Issues"
FTC Delays Red Flags Rule Enforcement Through December 31, 2010. On May 28, the Federal Trade Commission (FTC) announced that it will delay enforcement of its Red Flags Rule (the Rule) through December 31, 2010. The Rule was most recently scheduled to become effective on June 1, 2010 (reported in InfoBytes, Oct. 30, 2009). According to Chairman Leibowitz, the delay is required because of pending Congressional legislation to “fix the unintended consequences of the legislation”—specifically, the application of the Rule to certain professions (e.g., healthcare, accounting, and legal practices). This is the fourth time that the FTC has delayed enforcement of the Rule, which, among other things, requires creditors and financial institutions to develop and implement written Identity Theft Prevention Programs.
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