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Red Flag Rules

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FTC Issues Revised Guide for Red-Flag Rule Compliance

by Scott J. Hyman |

The Federal Trade Commission issued revised guidance designed to help businesses comply with the requirements of the Red Flags Rule, which protects consumers by requiring businesses to watch for and respond to warning signs or “red flags” of identity theft.   The guidance outlines which businesses – financial institutions and some creditors – are covered by the Rule and what is… Read More

S.3987 – Red Flag Program Clarification Act of 2010

by Scott J. Hyman |

The Red Flag Program Clarification Act of 2010 narrows the definition of the term “creditor” to include only entities that that use consumer reports, furnish information to consumer reporting agencies, or to others who extend credit.  More specifically, it amends the Fair Credit Reporting Act, with respect to federal agency (red flag) guidelines regarding identity theft and the users of consumer… Read More

District Court Says FTC Exceeded Authority in Applying Red Flag Rules to Lawyers; FTC Revises Red Flag Rules to Eliminate References to “Lawyers” and Extends Enforcement to June 1, 2010

by Scott J. Hyman |

Here's the short ruling:  red-flag-rule-15-amended-order.   The FTC today issued an amended Red Flag Rule here.  The FTC also delayed its enforcement of the Rule until June 1, 2010:    FTC Extends Enforcement Deadline for Identity Theft Red Flags Rule. At the request of Members of Congress, the Federal Trade Commission is delaying enforcement of the "Red Flags" Rule until June… Read More

Federal Agencies Issue “Frequently Asked Questions” on Red Flag Identity Theft Rules

by Scott J. Hyman |

Six federal agencies issued a set of frequently asked questions (FAQs) today to help financial institutions, creditors, users of consumer reports, and issuers of credit cards and debit cards comply with federal regulations on identity theft and discrepancies in changes of address. The “Red Flags and Address Discrepancy Rules,” which implement sections of the Fair and Accurate Credit Transactions Act… Read More

FTC Delays Implementation of FACTA’s “Red Flag” Rules to May 1, 2009

by Scott J. Hyman |

The Federal Trade Commission said it would delay implementation of what is known as the “Red Flag” rules from Nov. 1 to May 1, 2009. The rule requires that creditors adopt programs to identify and respond to indicators of identity theft.For the FTC's Notification, please see http://www.ftc.gov/opa/2008/10/redflags.shtm Read More

FACTA Red Flag Rules Become Effective November 1, 2008

by Scott J. Hyman |

Reminder:  FACTA Red Flag Rules become mandatory November 1, 2008.    From the FTC's website: The Federal Trade Commission (FTC), the federal bank regulatory agencies, and the National Credit Union Administration (NCUA) have issued regulations (the Red Flags Rules) requiring financial institutions and creditors to develop and implement written identity theft prevention programs, as part of the Fair and Accurate Credit… Read More