Reg Flag enforcement delayed until 12/31/10

Reg Flag enforcement delayed until 12/31/10

The FTC has decided to further delay the enforcement of the “Red Flags” rule (although this does NOT affect the original 11/1/2008 deadline for compliance). This is the second delay since the rule became effective 1/1/2008.

Institutions should have a policy and procedures in place NOW, as examiners will undoubtedly be checking policy revision and approval dates once enforcement begins.

Additional help is available here.

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Tom Hinkel
As author of the Compliance Guru website, Hinkel shares easy to digest information security tidbits with financial institutions across the country. With almost twenty years’ experience, Hinkel’s areas of expertise spans the entire spectrum of information technology. He is also the VP of Compliance Services at Safe Systems, a community banking tech company, where he ensures that their services incorporate the appropriate financial industry regulations and best practices.

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