Red Flags for Attorneys – Update

The ABA has prevailed upon a federal district court to interpret the Federal Trade Commission’s Red Flags rule to not apply to attorneys.  (See ABA Press Release here)  The Court had granted the ABA partial summary judgment on its complaint, with a full opinion to be issued separately.  (See Order here)  So you attorneys out there can breath a sign of relief – the Red Flags rule does not apply to you.  Whether this interpretation further limits the rule’s applicability to just banks and lenders, however, is yet to be determined.