The Federal Trade Commission (“FTC”) has announced yet another delay in enforcement of the Red Flag Rules regarding identity theft. This delay is in effect through December 31, 2010. The delay will allow congress to consider legislation that would affect the scope of entities covered by the Rule.
In November 2007, the FTC issued major regulations aimed at deterring, detecting and preventing identity theft. Under these rules, known as the Red Flag Rules, creditors of covered accounts are required to set up a program to detect, prevent and mitigate identity theft. Originally, the Red Flag Rules would have taken effect on November 1, 2008. This the fourth time the enforcement date has been extended.
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