FTC Extends "Red Flag" Regulation Compliance Deadline to November 1
July 31, 2009
SESCO has just received word that the Federal Trade Commission has extended the compliance deadline for its "Red Flag" regulations from August 1 to November 1, 2009.
The extension was granted to give creditors and financial institutions more time to review the regulations and develop and implement written identity theft prevention programs.
The Red Flag regulations were issued as part of the Fair and Accurate Credit Transaction Act (FACTA) and requires "creditors" and financial institutions to implement written identity theft programs to deter, prevent and mitigate identity theft in connection with credit provided to consumers.
SESCO has prepared a FTC "Red Flag" FACTA Compliance Manual including a sample identity theft prevention program. Additionally, we provide assistance in developing customized policies as well as onsite training as required.
Please contact SESCO to determine coverage of the Red Flag rules and if covered, receive support to ensure compliance.