BREAKING NEWS: FTC Extends Compliance Deadline for Red Flags Rule AGAIN to December 31, 2010

In the last hour, the news broke that the FTC has again extended the compliance deadline for the FACTA Red Flags Rule, this time to December 31, 2010, "[a]t the request of several Members of Congress."  The FTC's press release of this morning is here.  This is the fifth time the FTC has extended the enforcement deadline.  As usual, the FTC's extension does not affect "other federal agencies’ enforcement of the original November 1, 2008 deadline for institutions subject to their oversight."  For more on the Red Flags Rule, see our posts here.