FTC Extends Enforcement Deadline for Identity Theft Red Flags Rule
At the request of Members of Congress, the Federal Trade Commission is delaying enforcement of the ?Red Flags? Rule until June 1, 2010, for financial institutions and creditors subject to enforcement by the FTC.
The Rule was promulgated under the Fair and Accurate Credit Transactions Act, in which Congress directed the Commission and other agencies to develop regulations requiring ?creditors? and ?financial institutions? to address the risk of identity theft. The resulting Red Flags Rule requires all such entities that have ?covered accounts? to develop and implement written identity theft prevention programs to help identify, detect, and respond to patterns, practices, or specific activities ? known as ?red flags? ? that could indicate identity theft.
The Commission previously delayed the enforcement of the Rule for entities under its jurisdiction until November 1, 2009.
The Commission staff has continued to provide guidance to entities within its jurisdiction, both through materials posted on the dedicated Red Flags Rule Web site (www.ftc.gov/redflagsrule), and in speeches and participation in seminars, conferences and other training events to numerous groups. The Commission also published a compliance guide for business, and created a template that enables low risk entities to create an identity theft program with an easy-to-use online form. FTC staff has published numerous general and industry-specific articles, released a video explaining the Rule, and continues to respond to inquiries from the public. To assist further with compliance, FTC staff has worked with a number of trade associations that have chosen to develop model policies or specialized guidance for their members.
On October 30, 2009, the U.S. District Court for the District of Columbia ruled that the FTC may not apply the Red Flags Rule to attorneys. Today?s announcement that the Commission will delay enforcement of the Rule until June 1, 2010, does not affect the separate timeline of that proceeding and any possible appeals. Nor does it affect other federal agencies? ongoing enforcement for financial institutions and creditors subject to their oversight.
The Federal Trade Commission works for consumers to prevent fraudulent, deceptive, and unfair business practices and to provide information to help spot, stop, and avoid them. To file a complaint in English or Spanish, visit the FTC?s online Complaint Assistant or call 1-877-FTC-HELP (1-877-382-4357). The FTC enters complaints into Consumer Sentinel, a secure, online database available to more than 1,700 civil and criminal law enforcement agencies in the U.S. and abroad. The FTC?s Web site provides free information on a variety of consumer topics.
Latest posts by CDFuneralNews (see all)
- Homesteaders: A Deep Dive | FUNERAL hustle 012 - September 14, 2017
- FrontRunner Professional Announces Ultimate ‘DIY’ Funeral Home Website Platform - September 14, 2017
- Matthews Aurora Funeral Solutions Shares Integration Update - September 14, 2017
You may be interested
Homesteaders: A Deep Dive | FUNERAL hustle 012CDFuneralNews - September 14, 2017
Ryan heads to Homesteaders Life Company HQ to discuss their future partnership with Homesteaders and why and how this partnership…
FrontRunner Professional Announces Ultimate ‘DIY’ Funeral Home Website PlatformCDFuneralNews - September 14, 2017
Today FrontRunner Professional announced the release of it’s brand new website platform, marking a major change for the entire death…
Matthews Aurora Funeral Solutions Shares Integration UpdateCDFuneralNews - September 14, 2017
PITTSBURGH, PA -- Matthews Aurora Funeral Solutions today announced an update of key activities for its ongoing integration of Aurora…