FTC Grants a 6 Month Delay of Enforcement of "Red Flags" Rules

Yesterday, the Federal Trade Commission (FTC) stated they would suspend enforcement of the new "Red Flags Rule" until May 1, 2009, to give creditors and financial institutions additional time in which to develop and implement written Identity Theft Prevention Programs.  This does not affect the other federal agencies' (FDIC, OCC, Federal Reserve, OTS, & NCUA) enforcement of the original November 1, 2008 deadline. 

To read the new Identity Theft Red Flags rules and guidelines go to conetrix.com/Files/ITPP_Regulation.pdf

Financial Institutions Security and Compliance Identity Theft Red Flags FTC Identity Theft Prevention Program Identity Theft Red Flag