Lawyers – on the hook for identity theft rules?

The FTC is arguing that attorneys should not be exempted as “creditors” under the identity theft act known as “FACTA.”  The American Bar Association is arguing that attorneys shouldn’t be lumped into the category of  “creditors” because that’s too broadly defined and lawyers are generally exempted from federal regulatory agencies without explicit authority.

Not so says the FTC

The agency argues that attorneys who don’t require immediate payment for their services, are creditors under FACTA and will be required to adhere to “red flag” rules when it comes to identity theft.

FTC’s brief is here

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