The FTC released a statement last Friday indicating that they would push back enforcement of the FACTA Red Flag Rules to the end of the year. This is just the latest delay in enforcement, with the previous enforcement deadline having been June 1st. The delay comes as professional organizations continue to chafe at their inclusion in the scope of action. Courts have already ruled that the American Bar Association (ABA) and its membership are to be excluded from enforcement. The American Institute of Certified Public Accountants (AICPA) and the American Medical Association (AMA) have also filed cases protesting their inclusion.
From the FTC press release:
“Congress needs to fix the unintended consequences of the legislation establishing the Red Flags Rule – and to fix this problem quickly. We appreciate the efforts of Congressmen Barney Frank and John Adler for getting a clarifying measure passed in the House, and hope action in the Senate will be swift,” FTC Chairman Jon Leibowitz said. “As an agency we’re charged with enforcing the law, and endless extensions delay enforcement.”
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