Practice Management & Allied Staff News & Materials
Enforcement of Red Flags Rule delayed until June 1, 2010
November 5th, 2009
At the request of Members of Congress, the Federal Trade Commission (FTC) is delaying enforcement of the "Red Flags" Rule, again, until June 1, 2010, for financial institutions and creditors subject to enforcement. The Red Flags Rule was disseminated under the Fair and Accurate Credit Transactions Act, in which Congress directed the FTC and other agencies to develop regulations requiring "creditors" and "financial institutions" to address the risk of identity theft requiring all such entities that have "covered accounts" to develop and implement written identity theft prevention programs. The FTC has delayed the enforcement of the Rule four times since its original enforcement date of November 1, 2008. Although enforcement has been delayed, AAOMS continues to recommend compliance as implementing an identity theft prevention program is good business practice to protect the identity of your patients and employees.