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FTC Red Flags Rules News Update

FTC Red Flags Rules News Update

The FTC delayed until November 1, 2009 the enforcement of new requirements concerning identity theft that were scheduled to take effect August 1.

A "Red Flags Rule", imposed by the Fair and Accurate Credit Transactions Act of 2003 (FACT Act), requires certain businesses and organizations to develop, implement, and administer identity theft prevention programs. The American Bar Association is considering a legal challenge to the FTC's determination that this new Rule applies to lawyers and law firms. The new rules were scheduled to go into effect on August 1.

Recently, the FTC announced that it will delay enforcement of the Red Flags Rule until November 1, 2009 and make adjustments to assist low-risk entities with compliance.

As the proposed rules stand now, they apply to law firms. Domina Law Group pc llo is prepared to be complaint with the proposed rules and had taken compliance implementation steps before the FTC announced this delay on July 30, 2009.

The FTC’s website on Red Flags, has a Frequently Asked Questions section. See, http://ftc.gov/bcp/edu/microsites/redflagsrule/faqs.shtm.

Domina Law Group pc llo is a firm of trial lawyers. We specialize in complex litigation on a national basis. Our lawyers are ethical, aggressive, and committed to providing spirit and vitality to the judicial system and our client’s legal rights.

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