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Update: New Red Flag Rules Require Financial Institutions to Detect and Prevent Identity Theft

On October 28, 2008 by Schnader

This alert, originally published in August 2008, detailed the new rules known as the “Red Flag Regulations and Guidelines” that were issued under the Fair and Accurate Credit Transactions Act of 2003 (“the FACTAct”).  However, on October 22, 2008, the Federal Trade Commission announced that it would suspend enforcement of the new “Red Flag Rules” until May 1, 2009 to give creditors and financial institutions additional time to develop and implement written identity theft programs. This update details these new developments, in addition to reviewing the regulations and guidelines.

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