Federal Trade Commission Pushes Back Launch of 'Red Flags Rule' Enforcement
Price, Marie, THE JOURNAL RECORD
It's called the "Red Flags Rule," and it's coming to financial institutions, brokerage firms, credit card companies and mortgage firms near you as of Nov. 1.
In essence, the regulation requires affected businesses to take a proactive approach to identity theft, developing and maintaining a written program to detect, prevent and mitigate ID theft.
Businesses like auto dealers, utilities, telecommunications companies and others regulated by the Federal Trade Commission this week got a breather from the FTC, which pushed its enforcement launch date to May 1.
Fines for noncompliance range from $2,500 to $11,000 per violation.
In addition to the FTC, …
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Publication information: Article title: Federal Trade Commission Pushes Back Launch of 'Red Flags Rule' Enforcement. Contributors: Price, Marie - Author. Newspaper title: THE JOURNAL RECORD. Publication date: October 24, 2008. Page number: Not available. © 2009 THE JOURNAL RECORD. Provided by ProQuest LLC. All Rights Reserved.
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