FTC delays enforcement of the Red Flags Rule till June 2010

In a fairly predictable move, the Federal Trade Commission delayed enforcement of the Red Flags Rule until June 1, 2010, for financial institutions and creditors subject to enforcement by the FTC.  According to the FTC press release, the Commission decided to extend the enforcement deadline at the request of the members of U.S. Congress.

However, in the press release, the FTC reminded us about the progress its staff has made in the last year in providing businesses subject to the Red Flags Rule with sufficient guidance and materials:

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.

You can find the full text of the press release here.

"FTC Extends Enforcement Deadline for Identity Theft Red Flags Rule," FTC Press Release (October 30, 2009).

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