FTC Delays Enforcement of “Red Flags” Rules Again (5/1/2009)
May 1, 2009
Stop me if you’ve heard this before. The FTC has announced that are delaying enforcement of the “Red Flags” Guidelines for Identity Theft Prevention until August 1, 2009 for all Creditors and Financial Institutions. For those of you playing at home, this is the second such delay. These guidelines were originally supposed to take effect on November 1, 2008. They were then delayed until May 1, 2009.
“Given the ongoing debate about whether Congress wrote this provision too broadly, delaying enforcement of the Red Flags Rule will allow industries and associations to share guidance with their members, provide low-risk entities an opportunity to use the template in developing their programs, and give Congress time to consider the issue further,” FTC Chairman Jon Leibowitz said.
Important for Employers!!!
We been in contact with the FTC and learned that this delay does not apply to employers who still need to be in compliance by the original November 1, 2008 deadline. Employers must still have a policy in place to handle “Red Flag” Address Discrepancy Notifications from National Consumer Reporting Agencies (mainly the credit bureaus).
For more information on this guidelines, please visit the following sites:
Users of Consumer Reports Have New Responsibilities as of November 1
employeescreenIQ Offers Free Webinar on New FTC Guidelines
FTC Enforcement Policy: Identity Theft Red Flags Rule
FTC Delays Enforcement of “Red Flags” Rules: Employers Still Must Comply
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