Deadline Extended for Red Flag Rule
October 23, 2008
The Federal Trade Commission (FTC) announced yesterday that it will delay enforcement of its recent identity theft regulations, known as the Red Flags Rule, until May 1, 2009. This will give creditors and financial institutions subject to the FTC rule six more months to develop appropriate policies.
In its announcement, the FTC noted that "some industries and entities within the FTC's jurisdiction have expressed confusion and uncertainty about their coverage under the rule." Further, many entities learned of the requirements too late to be able to comply by the original November 1 deadline. Higher education institutions are likely included in these groups.
The enforcement delay only pertains to the identity theft rules under 16 CFR 681.2. It does not extend to the requirements relating to address discrepancies under 681.1 or change of address requests to card issuers under 681.3.
NACUBO will continue to work with other associations and institutions to provide resources to colleges and universities in complying with the rules. Visit the Red Flags Rule resource page for more information.
NACUBO Contact: Anne C. Gross, vice president, regulatory affairs, 202.861.2544
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