Red Flags: Keep Holding Your Breath
The Federal Trade Commission recently announced that it has once again extended the compliance deadline for Red Flags, in part based upon efforts by the American Bar Association and the American Medical Association to clarify the definition of "creditor" in a way that would not include lawyers or those in the health field, at least based upon traditional activities that are clearly not the offer of credit.
The compliance date is now Nov. 1, 2009, a year after the original deadline.
For those the medical field, compliance remains an open question.