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Friday, October 30, 2009

FTC Delays Enforcement of Red Flags Rule, Court Holds Red Flags Do Not Apply to Lawyers

by Mehmet Munur

The FTC news release notes that the Federal Trade Commission delayed the enforcement of the Red Flags rules until June 1, 2010. The FTC news release also notes the decision by the U.S. District Court for the District of Columbia that the FTC Red Flags Rules did not apply to attorneys. The Federal Trade Commission v. American Bar Association order states that the memorandum will be published in the next thirty days.

The FTC promulgated the Red Flags Rules under the authority given to it by the Fair and Accurate Credit Transactions Act. FTC had previously suspended the enforcement of the rules until November 1, 2009. Congress is currently considering a bill that would limit the scope of the Red Flags Rules.

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