Some small business owners, including many lawyers, accountants, and healthcare providers, got just the holiday gift they’ve been hoping for: Relief from complying with a broadly written rule that would’ve required them to implement a detailed written program to prevent and detect red flags that might indicate identity theft.
The Red Flag Program Clarification Act, which narrows the scope of the definition of “creditor” under the Red Flags rule, relieving many businesses, including lawyers, accountants, and many healthcare providers, from compliance, is headed to the president’s desk to be signed into law. The House passed the bill in a Dec. 7 voice vote, following its passage by the Senate on Nov. 30.
