NAICU Washington Update

Reminder: Red Flag Implementation Deadline Dec. 31

December 22, 2010

The deadline for conforming with the Federal Trade Commission's "red flag" rule is December 31, 2010. The red flag rule requires financial institutions and creditors, including colleges, to develop and implement a written identity theft prevention program to detect, prevent, and mitigate identity theft in connection with certain financial accounts.

The deadline has been pushed back several times since early 2008, most recently in May 2010. The most recent FTC directive is from May. Also see the June 3, 2010, NAICU Washington Update story, "FTC's Red Flag Rule Deadline Extended Again" for additional background.

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