Red Flag Rule Postponed Again
The Federal Trade Commission (FTC) has delayed the enforcement of the Red Flag Rule once again to June 1, 2010. The Red Flag Rule requires “creditors” to develop and implement a written identity theft prevention and detection program.
This delay was at the request of the Members of Congress. There is some movement in Congress to allow exemptions to the rule. This postponement provides an opportunity for Congress to finalize their bill relating to the Red Flag Rule.
The FTC notification can be found at: http://www.ftc.gov/opa/2009/10/redflags.shtm.