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Court Says Lawyers Not Subject to "Red Flags" Rule
The U.S. District Court for the District of Columbia agreed with the American Bar Association that the Federal Trade Commission exceeded its authority by applying its "red flags rule" to practicing lawyers. The court agreed that Congress did not intend lawyers to be considered "creditors" under the Fair and Accurate Credit Transactions Act.
For more information, see the story in the Daily Record here and ABA President Carolyn B. Lamm's response here.
At the request of Members of Congress, the Federal Trade Commission is delaying enforcement of the "Red Flags" Rule until June 1, 2010, for financial institutions and creditors subject to enforcement by the FTC. Click here for more information.