FTC extends enforcement of Red Flags Rule through year end

At the request of several members of Congress, the Federal Trade Commission announced May 28 that it is further delaying enforcement of the Red Flags Rule through Dec. 31. The reason for the delay, according to the FTC's press release, is to give time for Congress to consider legislation that would affect the scope of entities covered by the rule. If Congress passes legislation limiting the scope of the Red Flags Rule with an effective date earlier than Dec. 31, the FTC will begin enforcement as of that effective date. For more information, read a detailed summary or access an AICPA-developed practice guide on Red Flags.

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