Another Delay for the Red Flags Rule
In not-so-surprising news today, the FTC has delayed the enforcement date of the Red Flags Rule for the fifth time. The new forbearance deadline is December 31, 2010 - however, if Congress passes legislation on this issue with an effective date before December 31, 2010, the FTC will begin enforcing this rule on that earlier effective date. This delay follows on the heels of a lawsuit filed last Friday by the American Medical Association and other challenging the Rule's definition of "creditor" to the extent that it includes medical professionals.
