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Tuesday, November 3, 2009

FTC does it again - Red Flag Rules enforcement pushed back to 2010

For a fourth time, the FTC has postponed the effective date of the Red Flag Rules.  The most recent effective date was November 1, but its now pushed all the way back to June 1, 2010.  Also, various groups are still trying to wiggle their way out of having to comply with the Red Flag Rules.

The American Bar Association won such a result for law firms.  A D.C. federal judge ruled that law firms do not fall under the definition of a "creditor".  I posted on this over the weekend.  See my post here - http://fcralawyer.blogspot.com/2009/10/red-flag-rules-does-not-include.html

Veterinarians and CPAs are also trying to win exemptions from the new requirements.  But they don't have to sweat it too much until next June . . . if ever.

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