Congress Likely to Modify Red Flags Rule

Responding to the concerns of the small-business community, the U.S. House of Representatives passed a bill that allows some companies to apply for an exclusion from the Red Flags Rule, according to Jewelers Vigilance Committee.

The rule, to be enforced as of November 1st, requires that businesses establish an Identity Theft Prevention Program. The House bill has now been referred to the Senate for consideration.

According to the pending legislation, a company applying for an exclusion will qualify if it knows all its customers or clients individually, or has not experienced incidents of identity theft and identity theft is rare for businesses of that type.

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