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 […]
Tag Archives: facta
SEC and CFTC Propose Identity Theft Red Flags Rules
The FTC Red Flags Rules were not specific to the securities industry and there was some confusion as to which entities were subject to their requirements. This blog entry describes proposed rulesto applyRed Flag rules to certain broker-dealers, investment companies, investment advisers, futures commission merchants, commodity pool operators, introducing brokers, and other SEC- and CFTC-regulated entities
Ninth Circuit Holds that Courts May Not Impose Limits on FACTA Class Certification Based on Disproportionality or the Potential for Huge Statutory Damages
The Ninth Circuit recently reversed and remanded a district court denial of class certification in a FACTA case, making it easier for class certification even where there was disproportionality between the potential liability and the actual harm suffered, where the potential damages were huge and where defendant engaged in good faith compliance.
FTC Red Flags Rule Enforcement Delayed Again (and New Legal Challenge)
FTC Chairman Leibowitz: “Congress needs to fix the unintended consequences of the legislation establishing the Red Flags Rule – and to fix the problem quickly.”
District Court Explains Ruling that Red Flags Rule Doesn’t Apply to Lawyers, Implies Limitation of Applicability to Banking, Lending, & Finance Sectors
On December 1, Judge Reggie Walton of the U.S. District Court for the District of Columbia issued a memorandum opinion in a lawsuit by the American Bar Association against the Federal Trade Commission, explaining his October 29 ruling from the bench that the FTC’s Red Flags Rule does not apply to lawyers. Holding that "[e]ven a […]
FTC Delays Enforcement of Red Flags Rule for Fourth Time
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.”
Hogan & Hartson Prepares Guidance on Business Compliance with FTC Identity Theft Red Flags Rule
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 […]