Red Flag Program Delay
Answered by BOL Gurus Mary Beth Guard and Jack Holzknecht Bios
Question: I have heard that the Red Flag Rules were delayed until May. Does this give us more time to complete our programs and to get board approval?
Answer: No. Only the FTC has delayed enforcement of the Red Flag rules for six months. This was announced on October 22, 2008 in this release.
Please note, this affects only those businesses regulated by the FTC. The regulatory agencies which oversee banks have not implemented any extension. The November 1, 2008 mandatory compliance date for banks still applies.
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