2009-07-22 CC Packet - Laserfiche WebLink

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....,...(, """""~ Minnesota Munldpal Utilities Association AJ.ot lri.._ ';.... ~,"l_h,. 1Po~ MEMORANDUM From: Bill Black, Government Relations Representative 1[D)~@~ow~m UU OCT 30 2008 @J By To: All MMUA Member Utilities Date: Oct 24, 2008 Re: Red Flags Rule Implementation Deadline Extended to May 1,2009 On October 22, 2008, the Federal Trade Commission (FTC) announced that it is delaying its November 1, 2008 implementation deadline for financial institutions and creditors (including all utilities) to be in compliance with its "Red Flags Rule." Now, in order to be in compliance, every utility must have an "Identity Theft Prevention Program" approved by its governing body or a senior manager by May 1, 2009. Programs must meet requirements set out by the Commission in the Red Flags Rule. Guidance for municipal utilities in meeting those requirements is available on the MMUA website. The Commission moved the deadline because "some industries and entities within the FTC's jurisdiction have expressed confusion and uncertainty about their coverage under the rule. These entities indicated that they were not aware that they were undertaking activities that would cause them to fall within FACT A's definitions of 'creditor' or 'financial institution.' Many entities also noted that because they generally are not required to comply with FTC rules in other contexts, they had not followed or even been aware of the rulemaking, and therefore learned of the requirements of the rule too late to be able to come into compliance by November 1, 2008." Full text of the FTC press release is available at http://ftc.gov/ooa/2008110/redl1ags.shtlll. Questions? Contact Bill Black at (763) 746-0703 or bblack@mmua.org. 3025 Harlxlr lane North . SUite 400 . Plymoutl1, MN 55447-5142 . 763.551.1230 . 800.422.0119 (MN) . Fax 763.551.0459 . www.mmua.org