FTC pushes back identity theft rules deadline for fifth time
By Jaikumar Vijayan
The Federal Trade Commission (FTC) has once again pushed back its enforcement deadline for an identity theft regulation called the Red Flags Rule.
The rule requires financial institutions and other organizations that extend consumer credit to develop and implement written policies for detecting and preventing identity theft.
Before this latest deadline change, the FTC was to have started enforcing the rule on June 1. Under the new deadline, it will now start doing so only after Jan. 1, 2011.
The FTC noted in a statement that the delay was prompted by requests from “several members of Congress” who are working on limiting the scope of the Red Flags Rule.
In the statement, the FTC expressed hope that Congress would work quickly on addressing certain “unintended consequences” of the legislation.
The FTC has previously delayed enforcement of the rule on four different occasions, the most recent being in October 2009, when it pushed the deadline back from Nov. 1 to June 1 of this year. read more http://www.businessweek.com
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