The FTC and Red Flags - Another Delay?
This is madness. The Massachusetts privacy law - which was supposed to be the nation's new standard-bearer - was passed in Sept. 2008 and scheduled to go into effect on Jan. 1 of this year. But multiple delays and revisions have put it off until March 2010. Unless (until?) some special interest group comes along with another objection and delay.
And then the Red Flags Rule, which has been enforced for most financial institutions since Nov. 1 of last year, has been held at bay continuously from legal and healthcare groups that object to elements of the regulation. Who's a creditor? What's a covered entity? These are among the unsettled questions. The FTC has now extended its enforcement deadline for the fourth time, until June 1, 2010. But I've no confidence that deadline is any more secure than the other four.
Why is doing the right thing so hard? We're talking about privacy and protection here - not the right to bear arms.
Why is doing the right thing so hard? We're talking about privacy and protection here - not the right to bear arms. I don't understand why groups keep throwing up so many obstacles, unless it just comes down to money - they don't want to pay the price of compliance.
But what's better: To pay up front for better protection, or after the fact when there's been a breach?
No more delays. It's time to get these regulations enacted and enforced.