As the title states, the FTC has granted a 6-month stay of enforcement (until May 1, 2009) of the Red Flags rule to financial institutions and creditors. The Red Flags rule requires them to develop and implement an Identity Theft prevention program.
The Rule applies to creditors and financial institutions. Federal law defines a creditor to be: any entity that regularly extends, renews, or continues credit; any entity that regularly arranges for the extension, renewal, or continuation of credit; or any assignee of an original creditor who is involved in the decision to extend, renew, or continue credit. (Click here to view who is included)
But of course there is a catch! This FTC stay of enforcement does not affect other federal agencies’ enforcement of the original November 1, 2008 deadline for institutions subject to their oversight to be in compliance.
To read the FTC news release - click here.
To learn more about Identity Theft and what to do if you are a victim, visit www.StopIdTheftCrime.com and subscribe to the newsletter to obtain your free 46 page eBook "Fighting Back Against Identity Theft".
Remember, estimates are that every 2-4 seconds an Identity is compromised. Why take chances? Why not protect yourself and your loved ones with the best suite of services provided (including restoration) by the best NYSE company in the field? Educate yourself and visit the shameless plug below or call me at (909) 208-3728!
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Saturday, October 25, 2008
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