The Federal Trade Commission (FTC) is asking the Office of Management and Budget (OMB) to extend the current paperwork requirements for the Red Flags, Card Issuers, and Address Discrepancy Rules for another three years. These rules help prevent identity theft by requiring financial institutions and certain companies to have identity theft prevention programs and assess address changes. The current approval for these rules expires on January 31, 2025. Public comments are being accepted until February 6, 2025, and the FTC has received comments supporting more data protection.
Simple Explanation
The government wants to keep rules that help stop bad guys from stealing people's identities for three more years, and they’re asking people to share their thoughts about it until February.