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Gramm-Leach-Bliley Act

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FTC announces extension of deadline for Safeguards Rule changes

by Scott J. Hyman |

The FTC has announced additional time for financial institutions to comply with new Safeguards Rule changes.  In response to personnel shortages and supply chain issues, the new deadline is June 9, 2023: What provisions are included in the six-month extension?  Consult the Federal Register Notice for details, but the extension applies to provisions in the revised Rule that require covered companies to:… Read More

The CFPB Addresses Data Security

by Scott J. Hyman |

On August 11, 2022, the CFPB issued a circular on data security and the question "[c]an entities violate the prohibition on unfair acts or practices in the Consumer Financial Protection Act (CFPA) when they have insufficient data protection or information security?"  The short answer is "yes." The CFPB highlights specific security measures to minimize risk. In line with the new… Read More

FTC Finalizes Changes to Safeguards Rule

by Austin B. Kenney |

On October 27, 2021, the Federal Trade Commission ("FTC") announced important updates to the Gramm-Leach-Bliley Act's (the "Act") primary consumer protection rules. Enacted in 1999, the Act implemented regulations on financial institutions with regard to consumer privacy and data security concerns. It includes two primary parts, or "rules": the Privacy Rule and the Safeguards Rule. The Privacy Rule limits disclosure… Read More