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| Mortgage companies will have more time to implement policies and procedures that help prevent identity theft.The Federal Trade Commission announced today that enforcement of the new Red Flags Rule will be delayed until Aug. 1.
The rule was scheduled to go into effect tomorrow. “Delaying enforcement of the Red Flags Rule will allow industries and associations to share guidance with their members, provide low-risk entities an opportunity to use the template in developing their programs and give Congress time to consider the issue further,” FTC Chairman Jon Leibowitz said in the statement. The rules are required under the Fair and Accurate Credit Transactions Act of 2003. FACTA requires mortgage companies to implement programs to identify, detect and respond to patterns, practices or activities that could indicate identity theft. |
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