FCRA's Address Discrepancy Rule Still Effective November 1
The Federal Trade Commission announced a six-month delay of 'Red Flags' Rules Requiring Creditors to Have Identity Theft Prevention Programs, which were otherwise due to be enforced starting November 1.
HOWEVER, this does not extend to the rule regarding address discrepancies applicable to users of consumer (credit) reports, which is still effective November 1.
The FTC will suspend enforcement of the new "Red Flags Rule" until May 1, 2009, to give creditors and financial institutions additional time in which to develop and implement written identity theft prevention programs. To read the entire press release, please click here
The FTC's Enforcement Policy Statement states also that:
"This delay in enforcement is limited to the Identity Theft Red Flags Rule (16 CFR681.2), and does not extend to the rule regarding address discrepancies applicable to users of consumer reports (16 CFR 681.1), or to the rule regarding changes of address applicable to card issuers (16 CFR 681.3)." To read the Red Flags Rule, please click hereFurther, the announcement and the release of an Enforcement Policy Statement do not affect other federal agencies' enforcement of the original November 1, 2008 deadline for institutions subject to their oversight to be in compliance. |
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