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Federal Trade Commission Delays Red Flags Rule Until June 1, 2010
On October 30, the Federal Trade Commission announced it was delaying enforcement of its “Red Flags” Rule until June 1, 2010, for financial institutions and creditors subject to the FTC. The action was in response to a request from Congress, which was encouraged to pursue the delay by numerous organizations, including the AICPA and many state CPA societies. The AICPA is continuing to seek an exemption for CPAs and CPA firms before the rule takes effect next year. The “Red Flags” rule requires “creditors” or “financial institutions” with covered accounts to have programs to assist in identifying a potential identity theft. Enforcement of the rule was scheduled to have become effective on Sunday, November 1. JSP is Proud to Announce We Have Added Two New Members to Our Team Maria DeAtley from Kent and Jimmy Chau from Federal Way have joined our professional accounting staff. Both are 2008 graduates of Washington State University with Bachelor of Arts degrees in Business Administration (accounting and finance) and in 2009 received their Master of Accounting degrees from Washington State University.
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