The FTC has granted a six-month delay for enforcement of its Red Flag Rules, previously discussed here. Note that the other agencies responsible for the rules, including the National Credit Union Administration, the Federal Deposit Insurance Corporation, the Federal Reserve Board, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision did not issue a similar extension. Therefore, financial institutions must still comply by November 1, 2008.
The extension highlights that several entities potentially affected by the Red Flag Rules are not ready to comply. Affected entities include car dealers, mortgage brokers, utilities companies, and any entity that regularly extends credit for accounts used mostly for personal, family, or household purposes.
