InfoBytes, May 28, 2010 - Weekly In-depth review of news & developments in the financial services industry

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Topics In This Issue

• Federal Issues

• State Issues

• Courts

• Firm News

• Mortgages

• Banking

• Consumer Finance

• Securities

• Litigation

• 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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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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