The Federal Trade Commission (FTC), the federal bank regulatory agencies, and the National Credit Union Administration (NCUA) have issued regulations, known as the Red Flags Rules, which require financial institutions and creditors to develop and implement written programs to prevent identity theft, as part of the Fair and Accurate Credit Transactions (FACT) Act of 2003. The identity theft red flag policy or the red flag rules are applicable for "financial institutions" and "creditors" with "covered" accounts. Covered accounts include credit card accounts, mortgage loans, automobile loans, margin accounts, cell phone accounts, utility accounts, checking accounts, and savings accounts.
The enforcement of the Red Flag Rules was supposed to originally take place on November 1, 2008, but due to delays by the FTC, after five extensions, the current deadline is on December 31, 2010. The FTC delayed enforcement to give creditors time to develop and implement a written identity theft prevention program.
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