This past December, the Red Flag Program Clarification Act became law. The new law ends a multi-year impasse over the Federal Trade Commission's (FTC) enforcement of the Red Flags Rule, which requires creditors to identify, detect and mitigate identity theft risks known as "Red Flags."
While credit unions have been subject to the rule since 2008, objections from doctors, lawyers, accountants, small business owners and other industries under the FTC's jurisdiction have delayed the commission's enforcement of the rule.
On the surface, credit unions' Red Flags Rule obligations have not changed with this new law. However, the final implementation of the rule by the FTC should have an indirect effect on credit unions.
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