Red Flag Rule Update

July 30th, 2009

The Federal Trade Commission announced just today that in efforts to ease compliance for creditors, including physicians, enforcement of the Rule will be delayed until November 1, 2009. During this time the FTC will provide additional resources and guidance clarifying whether businesses are covered by the Rule and what they must do to achieve compliance. The three month extension will allow OMSs more time to review this guidance and to develop and implement written identify theft policies for their practices. Although many practices have already instituted their identify theft policy in order to achieve compliance by the previous August 1st deadline, the extension will allow for the opportunity to fine tune your policy and gain a better understanding of your obligations. AAOMS will continue to monitor activities surrounding this rule and will inform the membership via the Advocacy E-Newsletter, AAOMS Today, and aaoms.org. Additional information can also be found on the FTC's Red Flags Web site.