Red Flags Rule Delayed … Again.
The FTC announced that the deadline for businesses covered by its Red Flags Rule was extended – for the third time. Covered businesses now have until November 1, 2009 to comply with this rule. According to the FTC:
“[t]o assist small businesses and other entities, the Federal Trade Commission staff will redouble its efforts to educate them about compliance with the ‘Red Flags’ Rule and ease compliance by providing additional resources and guidance to clarify whether businesses are covered by the Rule and what they must do to comply.The three-month extension, coupled with this new guidance, should enable businesses to gain a better understanding of the Rule and any obligations that they may have under it.”
Without impugning the sincerity of the FTC’s efforts, one can’t help but to recall one of President Reagan’s more memorable observations: “The ten most dangerous words in the English language are ‘Hi, I’m from the government, and I’m here to help.'”
In any event, click here for the FTC’s website dedicated to the Red Flags Rule. Also, for prior coverage of the FTC’s Red Flags Saga, click here (an overview of the Red Flags Rule), here (Red Flags Rule resources for business organizations) and here (more Red Flags Rule resources).