President Obama has signed into law S. 3987, the Red Flag Program Clarification Act of 2010, which exempts accounting firms and other businesses from the Federal Trade Commission's "Red Flags" rules set forth in the Fair Credit Reporting Act.

The exemption is a victory for the American Institute of CPAs and the state CPA societies that sought to relieve CPA firms of the unwarranted requirements, as CPAs are already subject to confidentiality requirements.

The text of S. 3987 can be found at:
http://www.gpo.gov/fdsys/pkg/BILLS-111s3987cps/pdf/BILLS-111s3987cps.pdf