FTC and federal bank regulatory enforcement of the "Red Flags Rule" ("the Rule") begins on May 1, 2009. Promulgated under the Fair and Accurate Credit Transactions Act (FACTA) in order to combat identify theft and mitigate the damage it inflicts, the Rule requires "financial institutions" and "creditors" with "covered accounts" to implement a written identity theft prevention program ("Program") to detect, prevent, and mitigate identity theft in connection with opening new accounts and maintaining existing accounts.

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