FTC Postpones Red Flags Implementation One More Time
PDFRobinson Bradshaw Publication
July 30, 2009
The Federal Trade Commission's long-delayed Red Flags Rule for preventing identity theft in credit transactions was scheduled to take effect on Aug. 1. But in a press release issued earlier today, the FTC has postponed the deadline once again, this time until Nov. 1, 2009. The stated reason for the delay is to give businesses more time to educate themselves about the Rule and develop compliance programs. The Rule has been in effect for banks and other traditional lending institutions since Nov. 1, 2008, so this delay applies only to businesses other than traditional financial institutions that regularly extend credit to customers. Visit http://www.ftc.gov/opa/2009/07/redflag.shtm to see the FTC's announcement.