FTC Backs Off Red Flag Rules Again
coondoggie writes to tell us that the Federal Trade Commission has backed off of the new Red Flag Rule designed to protect consumer information yet again. Complaining about cost of implementation, the enforcement date of the rule has been pushed back to August 1, 2009 to give businesses and institutions time to implement identity theft prevention programs. “The FTC, federal bank regulatory agencies, and the National Credit Union Administration (NCUA) issued the Red Flags Rules as part of the Fair and Accurate Credit Transactions (FACT) Act of 2003. The final rules require financial and credit institutions that hold any consumer account, or other account for which there is a reasonably foreseeable risk of identity theft, to develop and implement an Identity Theft Prevention Program for combating identity theft in connection with new and existing accounts, the FTC said.”
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