Navigation Links
FTC Extends Final Red Flag Compliance Deadline for Creditors
Date:10/28/2008

Banks and Credit Unions Must Still Comply by November 1st

BRENTWOOD, Tenn., Oct. 28 /PRNewswire/ -- The Federal Trade Commission (FTC) recently announced that it will delay penalties until May 1, 2009 for organizations not in compliance with FACTA's Red Flag Rules. This provides a welcomed relief for those defined as "Creditors" who have been scrambling to achieve compliance by the November 1, 2008 deadline.

Organizations affected by the FTC's delay in enforcement include health care companies, vehicle dealers, utility companies, debt collectors and others. The reason cited for the extension was the lack of communication to organizations subject to the regulation -- many are unaware of its existence, or only recently learned that they must comply. Visit http://www.redflagrules.net to see the FTC press release and Enforcement Policy issued October 22, 2008.

The Red Flag Rules of the Fair and Accurate Credit Transactions Act (FACTA) requires financial institutions and creditors to implement a written identity theft prevention program. The purpose of this program is to detect identity theft, and if it is detected before damage occurs, to step in and prevent it. If identity theft is detected later, the requirement is to act quickly to mitigate the damage.

Along with the press release, the FTC published its Enforcement Policy. The main points are these:

1. This extension ONLY applies to organizations that are NOT under the jurisdiction of any of the other FACTA regulatory agencies other than the FTC. Therefore, financial institutions regulated by the OCC, FDIC, OTS or the NCUA are not excused from enforcement of the November 1, 2008 deadline, based on this notice.

2. This delay in enforcement is limited to the Identity Theft Red Flag Rules and does not extend to the rule regarding address discrepancies applicable to users of consumer reports, or to the rule regarding changes of address applicable to card issuers.

3. This is not an extension of the deadline. It is a forbearance, or delay of enforcement action, for violation of the Identity Theft Red Flag Rules until May 1, 2009. The result for many is the same -- extra time to achieve compliance -- but the message is clear: Creditors need to get their program in place as quickly as possible.

Since the announcement of FACTA Section 114 in October 2007, NXG Strategies, LLC, has been at the forefront of Red Flag legislation. In addition to its highly praised webinar series, NXG also has an end-to-end solution for detecting, preventing and mitigating identity theft plus templates for completing a written plan for Red Flag, including sample policies and procedures.

NXG Strategies, LLC is a pioneer in identity theft resolution and corporate breach mitigation. Associations have partnered with NXG for education and best-in-class Red Flag tools and solutions. For details about NXG's Red Flag webinar series, complete solution for Red Flag, or association sponsorship opportunities, visit http://www.redflagrules.net and http://www.redflagsolutions.com or visit our corporate website at http://www.nxgstrategies.com.

Contact:

Sally King - COO

615-823-1311

sally.king@nxgstrategies.com

This release was issued through eReleases(TM). For more information, visit http://www.ereleases.com.


'/>"/>
SOURCE NXG Strategies, LLC
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. World Renowned Champalimaud Foundation Extends its Mission with Groundbreaking for Cutting-Edge Research Center
2. Highmark Foundation Extends Subsidy for Health eTools for Schools(R) through 2013
3. Lupin Enters into a Marketing Alliance with Forest Laboratories, Inc. for AeroChamber Plus(R) Brand in the US - Extends its Franchise with Pediatricians
4. City of Tempe, Arizona Extends Contract with U.S. Preventive Medicine for Employee Health Management Program
5. Robotic surgery extends benefits to bladder cancer patients at NewYork-Presbyterian/Weill Cornell
6. MDdatacor Extends Contract with Wellmark, Inc.
7. LSUHSC study finds high-dose HBO2 therapy extends survival window after cardiopulmonary arrest
8. Sun Pharma Extends Tender Offer for Taro
9. American Heart Association Extends Sympathy to Family of Journalist Tim Russert
10. Courage Center Extends Nomination Deadline for 2008 Phillips Awards to July 3
11. Alternative Extends Partnership With Elizabeth Glaser Pediatric AIDS Foundation
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/24/2016)... (PRWEB) , ... June 24, 2016 , ... ... for human induced pluripotent stem (iPS) cells and other difficult to transfect cells, ... Cloning Medium. The PluriQ™ G9™ Gene Editing System is a complete ...
(Date:6/24/2016)... ... June 24, 2016 , ... To ... infrastructure. Most providers, however, are unsure how to move forward, given the need ... define a path forward tailored to an organization’s specific needs. , PYA Principal ...
(Date:6/24/2016)... (PRWEB) , ... June 24, 2016 , ... SpiritQuest Sedona ... heart of West Sedona, surrounded by famous vortex sites: Cathedral Rock, Airport Mesa, and ... partner properties – the Lodge at Sedona as well as the Sedona Rouge, both ...
(Date:6/23/2016)... (PRWEB) , ... June 23, 2016 , ... An ... may expose a possible link between head and neck cancer in individuals with unhealthy ... the study were evaluated based on whether they had gum disease, brushed their teeth ...
(Date:6/23/2016)... ... 23, 2016 , ... SyncDog, Inc. , the leading ... is featured in the current issue of Silicon Review magazine. Silicon ... technology solutions and features them in their magazine. The magazine allows top-level executives ...
Breaking Medicine News(10 mins):
(Date:6/23/2016)... Roche (SIX: RO, ROG; OTCQX: RHHBY) announced that it ... (procalcitonin) assay as a dedicated testing solution for people ... Roche is the first IVD company in the U.S ... assessment and management. PCT is a sepsis-specific ... blood can aid clinicians in assessing the risk of ...
(Date:6/23/2016)... , June 23, 2016 Research ... Pharma News Issue 52" report to their offering. ... in influenza treatment creates a favourable commercial environment for MedImmune ... growing patient base that will serve to drive considerable growth ... vaccine would serve to cap sales considerably, but development is ...
(Date:6/23/2016)... PARK RIDGE, Ill. and INDIANAPOLIS ... caliber of students receiving a Lilly Diabetes Tomorrow,s Leaders ... hands. The 2016 scholarship winners, announced today online at ... refused to let type 1 diabetes stand in the ... Lilly Diabetes has supported the Foundation,s scholarship program since ...
Breaking Medicine Technology: