CUNA News Now: FTC to delay 'red flag' rule enforcement until June 1

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WASHINGTON (11/4/09)--The Federal Trade Commission (FTC) on Tuesday announced that it will delay enforcement of its so-called "red flags" rule, which addresses identity theft, until June 1, 2010.

Congress requested that the FTC delay enforcement of the rule, which was developed to implement parts of the Fair and Accurate Credit Transactions (FACT) Act of 2003.

The FTC action would only apply to state-chartered credit unions. Federal credit unions were required to comply with NCUA's red flag regulations on Nov. 1, 2008.

FACTA directed financial regulatory agencies, including the FTC, to promulgate rules requiring those under its supervision that have covered accounts to implement programs to identify, detect, and respond to patterns, practices, or specific activities that could indicate identity theft.

Consumer accounts or other accounts that financial institutions find to have a risk of identity theft are covered by the rule.



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	News Now LiveWire Most CUs will provide wage increases for at least some of their employees, according to CUNA's just-released Small CU Staff Salary Survey. 12 hours ago St. L Post Dispatch on GAO report:Consumers may not benefit from altering Interchange system;would cut card competition. http://ow.ly/ETyX 13 hours ago CUNA's Hampel: Consumer holiday spending will be up slightly from last year. See Tues NN. 17 hours ago NCCUL and WOCCU met with Romanian CUs this week. The CUs are experiencing growth and want to increase their public relations efforts. 4 days ago Kent Buckham has been named by NCUA as director of the newly created Office of Consumer Protection. The 7-person dept. launches in Jan. 4 days ago Sign up; more tweets... FTC to delay 'red flag' rule enforcement until June 1 WASHINGTON (11/4/09)--The Federal Trade Commission (FTC) on Tuesday announced that it will delay enforcement of its so-called "red flags" rule, which addresses identity theft, until June 1, 2010. Congress requested that the FTC delay enforcement of the rule, which was developed to implement parts of the Fair and Accurate Credit Transactions (FACT) Act of 2003. The FTC action would only apply to state-chartered credit unions. Federal credit unions were required to comply with NCUA's red flag regulations on Nov. 1, 2008. FACTA directed financial regulatory agencies, including the FTC, to promulgate rules requiring those under its supervision that have covered accounts to implement programs to identify, detect, and respond to patterns, practices, or specific activities that could indicate identity theft. Consumer accounts or other accounts that financial institutions find to have a risk of identity theft are covered by the rule. The FTC previously delayed the enforcement of the rule until November 1, 2009. More Washington
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