Friday, July 24, 2009

Florida Bar objects to including lawyers under FTC’s new Red Flags Rule

"Bar President Jesse Diner has sent a letter to the Federal Trade Commission relating The Florida Bar’s opposition to including lawyers under the FTC’s proposed “Red Flags Rule” on protecting consumers from identity theft. Diner’s letter follows approval by the Bar Board of Governors of an ABA position opposing the FTC’s position that lawyers are covered by the Fair and Accurate Credit Transaction Act (FACTA), passed in 2003. The board acted at its July 17 meeting in Naples. The FTC’s Red Flags Rule requires creditors to adopt policies to identify risks and protect customers from possible identity theft. Its preliminary rules were drafted to include lawyers, although the agency agreed to delay implementation until August 1 after the ABA objected. (See story “Lawyers may have to comply with new FTC ‘Red Flags Rules’” in the June 1 News.) More.

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