FTC Delays Red Flags Rule Compliance

Law360, New York (May 1, 2009, 12:00 AM EDT) -- For the second time, the Federal Trade Commission has suspended enforcement of the “Red Flags Rule” to give creditors and financial institutions more time to develop and implement identity theft prevention programs.

The three-month extension from Friday's deadline will allow industries and associations to share guidance with their members and give Congress more time to consider whether the rule is too broad, FTC Chairman Jon Leibowitz announced Thursday.

The agency extended the original Nov. 1, 2008 deadline to May 1 in order to conduct outreach efforts,...
To view the full article, register now.