On May 28, 2010, just shy of the June 1st compliance deadline, the Federal Trade Commission announced that it would again be postponing enforcement of the Red Flags Identity Theft Prevention Rule through December 31, 2010. This delay comes at the request of Congress, which has been considering legislation (which has been referred to the Senate Committee on Banking, Housing, and Urban Affairs) that would affect the scope of entities covered by the Rule. The FTC "urges Congress to act quickly to pass legislation that will resolve any questions as to which entities are covered by the Rule and obviate the need for further enforcement delays." If Congress passes legislation limiting the scope of the Red Flags Rule with an effective date earlier than December 31, 2010, the Commission will begin enforcement as of that effective date.… Continue Reading
On October 30, 2009 the Federal Trade Commission (FTC) issued a News Release announcing that it is granting industries under the FTC’s jurisdiction an additional 7 months (i.e., until June 1, 2010) to develop and implement their identity theft prevention programs as required under the FTC’s Identify Theft Red Flags Rule. According to the FTC News … Continue Reading
On July 29, 2009 the Federal Trade Commission (FTC) issued a News Release announcing that it is granting industries under the FTC's jurisdiction an additional 3 months to develop and implement their identity theft prevention programs as required under the FTC's Identify Theft Red Flags Rule. Additionally, the FTC staff will "redouble" its education efforts 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. By extending the enforcement date of the Rule until November 1, 2009, the FTC intends to give creditors and financial institutions more time to review the forthcoming guidance and to develop and implement written Identity Theft Prevention Programs. The announcement of the extension is also available at www.ftc.gov.… Continue Reading
On April 30, 2009 the Federal Trade Commission (FTC) issued a News Release announcing that it is granting industries under the FTC’s jurisdiction an additional 3 months to develop and implement their identity theft prevention programs as required under the FTC’s so-called Identify Theft Red Flag Rule. The FTC also stated that that some entities, … Continue Reading
Recent posts on www.lifescienceslegalupdate.com include:
A discussion by Matt Wetzel and Katie Hurley regarding a new Texas bill that, if passed, will require pharmaceutical manufacturers to annually disclose gifts, payments and other economic benefits bestowed on health care providers. https://www.lifescienceslegalupdate.com/2008/11/articles/health-care/drug-company-disclosure-bill-introduced-in-texas-state-legislature/
Updated information regarding the FTC's approach to address discrepancies and its "Red Flag Rules" designed to combat identity theft, as they apply to health care providers. https://www.lifescienceslegalupdate.com/2008/11/articles/regulatory-developments/update-on-ftcs-identity-theft-red-flag-regulations-address-discrepancy-rule-and-identity-theft-prevention-rule-as-they-apply-to-health-care-providers/… Continue Reading
Today, the Federal Trade Commission (FTC) issued a press release to announce that it will suspend enforcement of the new “Red Flag Rules” until May 1, 2009, to give “creditors” and financial institutions additional time in which to develop and implement written identity-theft prevention programs. Reed Smith has worked on behalf of the American Health Care … Continue Reading
In November 2007, the Federal Trade Commission ("FTC") issued sweeping regulations aimed at deterring, detecting and preventing identity theft. Under these rules, known as the Red Flag Regulations, 16 C.F.R. § 681.1 et seq. and Final Rule ("Red Flag Regulations"), financial institutions and creditors of covered accounts must establish a program to detect, prevent and mitigate identity theft.… Continue Reading
