A new agreement to delay ID Theft Red Flags Rule enforcement for physicians does not impact the current date for state-chartered credit unions.
The Federal Trade Commission (FTC) on June 25 signed a court-approved agreement to hold off on enforcing the Red Flags Rule for physicians until at least 90 days after an appellate court rules on a case involving enforcement of the rule for attorneys.
But according to FTC spokesperson Frank Dorman, this agreement has no bearing on state-chartered credit unions or any other entities, which still face the Dec. 31 enforcement date announced at the end of May.
“In the meantime, other folk, such as the credit unions, will have to wait and see what Congress [does],” Dorman says. The latest delay – the fifth since the Red Flags Rule was enacted in 2008 – was designed to give Congress time to decide whether to enact relevant legislation exempting certain groups. “We hope Congress will tell us who will be covered,” Dorman says.
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