WASHINGTON — Saying that some institutions expressed confusion about the Red Flag requirements, the Federal Trade Commission said today that they won't take any enforcement actions on state-chartered credit unions until May 1.
Federal credit unions, who are under the jurisdiction of the NCUA, must still comply with the Nov. 1 deadline.
The rules require financial institutions to identify Red Flags that could make them vulnerable to security breaches and come up with plans to prevent them.
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