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RED FLAG RULE-FACT ACT
MANDATORY COMPLIANCE TO F.A.C.T. act  "RED FLAG RULE"
RED FLAG RULE CAN NO LONGER BE IGNORED
The Red Flags Rule requires many businesses and organizations to implement a written Identity Theft Prevention Program designed to detect the warning signs - or "red flags" - of identity theft in their day-to-day operations.
On November 30th, the Senate unanimously passed a bill amending the Red Flag Rule. (S 3987) The House passed the Senate version a few days later and it was sent to the President for his signature. He signed the bill on December 9th. The amended bill eliminates lawyers, most of the health care community and CPAs from compliance to the Rule. These were the entities that had created numerous delays in enforcement.
FTC Chairman Jon Leibowitz told Congress "We're pleased Congress clarified its law. Now we can go forward with less litigating and more protecting of consumers from identity theft." He expressed appreciation to Congressmen Adler, Simpson and Senators Thune and Begich "for their excellent work in resolving the uncertainty created by Congress."
What this now means for the financial services community is that the law can no longer be ignored. State regulators will now be looking for compliance ... more

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