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The Federal Trade Commission (FTC) announced on April 30, 2009 it will delay enforcement of the Red Flags Rules until August 1, 2009, to give creditors and financial institutions more time to develop and implement written identity theft prevention programs. The previous compliance deadline was May 1, 2009.

The Red Flag Rules require financial institutions and creditors to develop and implement a written identity theft prevention program if offering or maintaining one or more covered accounts. Moreover, the Rules require service providers for a financial institution or creditor, including third-party debt collectors, to also develop and implement policies and procedures designed to detect, prevent, and mitigate the risk of identity theft.