On Thursday, April 30, 2009, just 24 hours before the Federal Trade Commission (FTC) was set to begin enforcement of federal Red Flags Rules, the FTC announced that it was giving businesses three additional months, until August 1, 2009, to comply with the new identity theft regulations. The FTC also promises to provide a “template” for compliance directed to “entities that have a low risk of identity theft.” This announcement is welcome news for businesses that have been struggling to develop a compliant program by the end of the day today.

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