FTC announced earlier this morning that it is delaying enforcement of the Red Flags Rule to 12/31/10 pending expected legislation by Congress that would affect the scope of entities covered by the Rule. As I wrote in my blog just a few days ago, organizations representing physicians, lawyers and accountants have already contested that the Rule shouldn’t apply to them. I wrote that the previous deadline of 06/01/10 was probably too close for FTC to move it again. I guess it is never too close!
Let us wait and watch for next steps from the Congress now!