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HL Chronicle of Data Protection Privacy & Information Security News & Trends

Tag Archives: Red Flags

Posted in Consumer Privacy, Financial Privacy

FTC Issues New Red Flags Rule Guidance

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 […]

Posted in Consumer Privacy, Cybersecurity & Data Breaches, Financial Privacy

FTC Amends Red Flags Rule to Adopt Narrower Definition of “Creditor”

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 […]

Posted in Cybersecurity & Data Breaches

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

Posted in Cybersecurity & Data Breaches

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 […]

Posted in Cybersecurity & Data Breaches

AICPA Sues FTC to Block Red Flags Applicability to Accountants

The American Institute of Certified Public Accountants (AICPA) on Tuesday filed a lawsuit against the Federal Trade Commission (FTC) challenging the applicability of the agency’s Red Flags Rule to Certified Public Accountants. This comes on the heels of district court ruling in a lawsuit brought by the American Bar Association (ABA) reported here that the regulations do not apply to lawyers.