The Federal Trade Commission (“FTC”) recently issued a revised guidance (“Guide”) on the Red Flags Rule (“Rule”) (see “Fighting Identity Theft with the Red Flags Rule: A How-To Guide for Business”). The Red Flags Rule requires certain businesses to develop, implement and administer an identity theft protection program. The purpose of this Guide is to [...]
The FTC has issued an interim final rule to amend the Identity Theft “Red Flags Rule,” which requires certain “financial institutions” and “creditors” to develop and implement a written identity theft prevention program to identity, detect, and respond to possible incidents of identity theft. The interim rule amendment conforms the Red Flag’s Rule’s definition of [...]
The D.C. Circuit Court of Appeals has dismissed as moot a lawsuit challenging the applicability to lawyers of the “Red Flags Rule,” which requires financial institutions and creditors to implement identity theft prevention programs. The organized Bar had challenged the applicability of the Rule to lawyers and had won in the lower court. Since the Red Flag Clarification Act recently passed by Congress would exempt most lawyers from coverage under the Rule, the Court found that litigation no longer is necessary or appropriate.
A bi-partisan bill has been introduced in Congress to clarify the scope of coverage of the Red Flags Rule, a hot topic and one that has resulted in multiple delays in enforcement by the FTC.
FTC Chairman Leibowitz: “Congress needs to fix the unintended consequences of the legislation establishing the Red Flags Rule – and to fix the problem quickly.”
The Federal Trade Commission (FTC) announced today that it is delaying enforcement of its FACTA Red Flags Rule until June 1, 2010 “[a]t the request of Congress.”
Businesses may be facing their last chance to comply with the FTC identity theft Red Flags Rule as the compliance deadline was extended over the Summer to November 1, 2009. On July 29, 2009, the Federal Trade Commission (“FTC”) announced that it will delay enforcement of its identity theft “Red Flags Rule”until November 1, 2009. This is the third [...]