The Federal Trade Commission’s Red Flag Rules, have further delayed the enforcement date for compliance by financial institutions and creditors, extending it to November 1, 2009. The additional delay provides an opportunity for the FTC to offer an “Expanded Business Education Campaign on ‘Red Flags’ Rule.” Small business and other entities will benefit from the additional resources and guidance documents the FTC is planning to release, designed to assist in the understanding the Rule and its possible applicability to their operations. Also, creditors and financial institutions will now have a few more months to review available material, take the appropriate risk assessment steps, and develop and implement any required written Identity Theft Prevention Programs.
Editor’s Recommendation
NILS INcompass™ helps insurers monitor and filter regulatory activity, manage the change process, and provides visibility and accountability in maintaining full compliance.
