The US Federal Trade Commission has pushed back the deadline for financial institutions and creditors to comply with the new Red Flags Rule regarding the reporting of identity theft.

"Enforcement of the rule had been scheduled to take effect June 1," writes SC Magazine's Angela Moscaritolo. "The latest enforcement extension comes at the request of members of Congress, who are working to finalize legislation that would limit the scope of businesses covered by the rule."

"The Red Flags Rule, developed in accordance with the Fair and Accurate Credit Transactions Act of 2003 (FACTA), require financial institutions and other organizations classified as 'creditors' to develop programs to identify, detect and respond to indications of identity theft," Moscaritolo writes.

Click here to read the SC Magazine article.