On the eve of the compliance deadline, the FTC granted [FTC Press Release] a three month extension to entities under its jurisdiction to comply with the 'Red Flags' Rule under the Fair and Accurate Credit Transactions Act of 2003 ("FACTA"). The new deadline is extended from May 1, 2009 to August 1, 2009. The Red Flags Rule requires covered entities to develop and put into practice written programs to reduce the risks of identity theft to their customers. Covered entities include financial institutions and "creditors." The federal agencies regulating financial institutions, such as the Federal Reserve, promulgated the Red Flag Rule in conjunction with the FTC and the FTC's deadline extension does not affect financial institutions regulated by these agencies. Financial institutions and "creditors" regulated by the FTC, however, now have three additional months to meet their compliance obligations under the Rule. The FTC said that it will soon publish a 'template' to assist low-risk entities, such as those that personally know their customers, to comply with the Rule. The FTC's broad definition of "creditor" under the Rule includes companies such as mortgage brokers, utility companies, telecommunications companies and businesses that provide services and bill afterwards including many lawyers, doctors and other professionals.