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James Bowers Authors Corporate Compliance Insights Article on Newly Revised Identity Theft Red Flags Rule

Publisher: Corporate Compliance Insights
January 24, 2013
Day Pitney Author(s) James E. Bowers

Senior Counsel Jim Bowers outlined the Federal Trade Commission's Identity Theft Red Flags Rule, newly revised to limit what type of companies fall under its purview, in a January 24th article for Corporate Compliance Insights. The revised rule goes into effect February 11. Jim writes that the definition of "creditor" has been tightened, and that companies must also determine whether they have any "covered accounts" in assessing whether they are subject to the regulations, although "[e]ven in the absence of a legal obligation, implementing a program containing elements of the rule would help companies mitigate the risk of identity theft and reduce their overall exposure."

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