To: Grassroots Activists
From: ALTA Grassroots Action Center
Date: June 23, 2009
Subject: ALTA Grassroots Update

In addition to reading through the volumes of information released with announcement of the President's plan to overhaul the nation's financial regulatory structure, ALTA had an especially active time on Capitol Hill last week when we were handed one of the best advocacy tools an organization can ask for: an invitation to testify at a congressional hearing.

Anna DeSimone - The Red Flag Rules are implemented under the Fair and Accurate Credit Transactions Act of 2003 (FACTA) Sections 114 & 315. The final rule became effective January 1, 2008 and full compliance of the rules became effective November 1, 2008. Enforcement of rules were previously delayed until May 1, 2009 , and have just been delayed for a second time, to give creditors and financial institutions and somewhat of a breather, since mortgage lenders have been busy originating loans.