At the request of several Members of Congress, the Federal Trade Commission (FTC) is further delaying enforcement of the "Red Flags" Rule through December 31, 2010, while Congress considers legislation that would affect the scope of entities covered by the rule.
There are three lawsuits now pending in federal court (i.e., American Medical Association, American Bar Association, and American Institute of Certified Public Accountants) to exempt certain professions from the reach of the Red Flags Rule, plus two bills pending in the Congress to do the same.
Given that, the FTC has apparently decided to delay the enforcement deadline of June 1, 2010 of the Red Flags Rule in the Identity Theft Prevention Program.
The rule became effective January 1, 2008, with full compliance for all covered entities originally required by November 1, 2008.
The FTC has issued several Enforcement Policies delaying enforcement of the rule. Most recently, enforcement had been further delayed until June 1, 2010.
Enforcement Deadline: December 31, 2010
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FTC Extends Enforcement Deadline for Identity Theft Red Flags Rule, Press Release (05/28/10)
FTC Extended Enforcement Policy: Identity Theft Red Flags Rule, Policy Statement (05/28/10)