On September 15th, the Federal Deposit Insurance Corporation (FDIC) issued guidance urging banks under its supervision to ensure that they have robust written policies and procedures for the erasure or destruction of sensitive or confidential information stored in office equipment.
On July 1, 2010, final regulations will go into effect that impose new obligations on entities that furnish information about individuals (“data furnishers”) to consumer reporting agencies (“CRAs”) for use in reports about those individuals. These regulations require data furnishers to institute reasonable policies and procedures that (1) ensure the accuracy and integrity of furnished information and (2) allow individuals to formally dispute the correctness of certain information that is furnished about them to CRAs directly with the data furnisher.
FTC Chairman Leibowitz: “Congress needs to fix the unintended consequences of the legislation establishing the Red Flags Rule – and to fix the problem quickly.”
April 15 marked the release of the long-awaited customizable version of the Model Privacy Notice, a form that provides a safe harbor for compliance with the notice requirements of the Gramm-Leach-Bliley Act (GLBA). Read more about in this entry.
The Hogan & Hartson privacy lawyers are counseling clients on the use of social media, as the legal risks are significant — especially if employees use the shield of anonymity to protect their privacy but make representations on behalf of their employers without disclosing their affiliation. The FTC and FDA recently have focused on social media. And on January 25, the Financial Industry Regulatory Authority (FINRA), an industry self-regulatory organization, issued Regulatory Notice 10-6, which gives guidance to member companies on the use of blogs and social networking sites to engage in company-sponsored communications with the public.
Yesterday the financial regulatory agencies issued a model notification form for Gramm Leach Bliley Act consumer notices, Use of the new model form provides a “Safe Harbor” for covered entities required to provide consumer notices of data sharing practices. A link to the new form is contained within this blog entry.
The Federal Trade Commission (FTC) announced today that it is delaying enforcement of its FACTA Red Flags Rule until June 1, 2010 “[a]t the request of Congress.”