|FTC Red Flags Enforcement Delayed for Fifth Time! -
The FTC delayed once again its enforcement of its own Red Flags rules with respect to businesses under its jurisdiction. Their most recent delay, until December 31, 2010, was announced in a May 28, 2010, press release. Banks and federally-regulated credit unions have had to comply with the requirements since November 1, 2008. In its statement, the FTC said that the latest postponement was (for the second time) approved at the request of members of Congress, which is considering legislation to exempt from Red Flags Rule coverage small health care, accounting and legal practices. The FTC postponement does not affect its enforcement of its rule regarding address discrepancies in consumer reports (16 CFR Part 641) or cardholder changes of address (16 CFR 681.2).