Privacy & Cybersecurity Law Blog

On March 20, 2009, the Federal Trade Commission (“FTC”) published its long-awaited guide to the Red Flags Rule (the “Rule”), entitled “Fighting Fraud with Red Flags Rule:  A How-To Guide for Business.”  The guide applies to creditors and certain financial institutions (such as state-chartered credit unions and mutual funds that offer accounts with check-writing privileges) that are subject to the FTC’s jurisdiction and addresses the provision of the Rule that requires implementation of an Identity Theft Prevention Program.  For entities subject to the FTC’s jurisdiction, the relevant compliance deadline is May 1, 2009.  Financial institutions that are regulated by federal bank regulatory agencies or the National Credit Union Administration (which issues their own versions of the Red Flags Rule) were required to comply with the Rule as of November 1, 2008.

The Centre for Information Policy Leadership provides the following thoughts on the Obama Administration's views on privacy:
 
The themes of President Obama’s inaugural address not only conveyed a strong message to the nation, but reflected current concerns about data governance shared by privacy professionals and policymakers as well.  His speech captured the importance of individual responsibility in public and personal life as America faces challenging economic times.  In demanding accountability from government, he required that the nation’s work be conducted “in the light of day -- because only then can we restore the vital trust between a people and their government.”  Obama’s remarks about the potent values of responsibility and accountability apply in the information-intensive world of business.