Posts tagged Red Tags Rule

American Bar Association, creditors, financial institutions, identity theft, Red Tags Rule

Reminder: FTC Will Enforce Red Flags Rule Beginning November 1 (but Federal Judge Rules Lawyers Not Subject To Rule)

By InfoLawGroup LLP on October 29, 2009

The Federal Trade Commission will begin enforcing its Red Flags Rule this Sunday, November 1. Financial institutions and creditors that hold covered accounts, as defined under the Rule, must have written Red Flags identity theft prevention programs in place by November 1. Earlier today the American Bar Association reported that a federal judge in Washington, D.C., ruled that the FTC exceeded its authority by applying the Red Flags Rule to practicing lawyers. The FTC is expected to appeal today's ruling.