The Federal Trade Commission will suspend enforcement of the new “Red Flag Rule” until May 1, 2009, to give creditors and financial institutions additional time in which to develop an implement written identity theft protection programs.
Federal law defines a creditor to be: any entity that
regularly extends, renews or, continues credit; any entity that regularly arranges
for the extension, renewal or continuation of credit; or any assignee of an
original creditor who is involved in the decision to extend, renew, or continue
credit. Accepting credit cards as a form of payment does not, in and of itself,
make an entity a creditor.
More information aboutThe
Rule can be found here.
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