FACTA IS ENFORCEABLE AT MIDNIGHT TONIGHT
As of tomorrow, any person or business under the jurisdiction of the Federal Trade Commission is required to destroy all discarded personal information contained on a credit report or derived from a credit report. That’s because June 1st is the long-awaited FTC FACTA Disposal Rule effective date, marking the first national shred law of any kind.
While recent surveys have shown that many businesses covered by FACTA may not yet realize it, the rash of media reports on the new law will surely help. Articles drawing attention to the FTC FACTA effective date are appearing in hundreds of newspapers across the country this week.
The Disposal Rule effective date for the other federal agencies with responsibility to enforce the FACTA Disposal Rule, including the Security and Exchange Commission, Comptroller of the Currency, Dept of Treasury, and the National Credit Union Agency, is July 1st.