The Federal Trade Commission has delayed enforcement of the Red Flags Rule through December 31, 2010. The rule became effective January 1, 2008 with full compliance for all covered entities originally required by November 1, 2008. The FTC has delayed enforcement several times, the latest delay being June 1, 2008.
The Red Flags Rule was developed under the Fair and Accurate Credit Transactions Act, in which Congress directed the FTC and other agencies to develop regulations requiring creditors and financial institutions to address the risk of identity theft. The rule requires all such entities to develop and implement identity theft prevention programs.
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