The FTC announced yesterday that it will once again delay enforcement of its controversial Red Flag Rules ... this time until August 1st. They also plan to provide additional guidance for "low risk" creditors in the form of a template.
A word of caution: Of the 6 agencies that collaborated to develop the Red Flag Rules, only the FTC has agreed to the extension. Those creditors subject to the other agencies' jurisdiction may still be subject to enforcement. Those other agencies are: the Department of the Treasury, the Federal Reserve System, the Federal Deposit Insurance Corporation, the Department of the Treasury and the National Credit Union Administration.
The FTC's announced enforcement delay continues to refer to its definition of creditor as "any entity that regularly extends or renews credit – or arranges for others to do so – and includes all entities that regularly permit deferred payments for goods or services ... and includes ... non-profit and government entities that defer payment for goods or services; and ... doctors, and other professionals."
Link to FTC Press Release: Here
Links to FTC Resources: Red Flag Rules Q&A
How To Guide for Business
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