Federal trade commission delays red flags rule until June 1, 2010.

On Oct. 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...

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