Virginia State Bar President Jon D. Huddleston sent a letter to the Federal Trade Commission today objecting to the inclusion of lawyers among those subject to regulation under the Fair and Accurate Credit Transactions Act (FACTA) of 2003.
The Red Flag Rules adopted under the law require creditors to develop written programs to identify, detect and respond to indications of identity theft.
The letter cites several reasons the rules shouldn’t apply to lawyers, not the least of which, Huddleston says, is that lawyers aren’t creditors. See the rest of those reasons here.
The rules have been delayed several times but are scheduled to take effect Aug. 1