[ Saturday, October 31, 2009 ]
Red Flags Update:
I didn't see this until this morning, but knew it was coming. Sunday is November 1, the date the much-delayed Red Flags Rule would become enforceable against "creditors" (financial institutions, which obviously ought to implement identity theft prevention programs, have been under the Red Flags Rule for about a year). And when the eve of enforcement rolls around, FTC punts. Which they did yesterday
, delaying enforcement all the way to June 1, 2010. This time the delay was requested by members of Congress: the House has already passed, 400-0, legislation removing professional practices with fewer than 20 employees and certain other businesses that meet certain characteristics indicative of a low risk of ID theft, but the Senate has not moved a bill yet.
Coincidently, this happened the same day that a Federal Judge ruled
that the FTC cannot enforce the Red Flags Rule against attorneys.
Jeff [9:44 AM]
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