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HL Chronicle of Data Protection Privacy & Information Security News & Trends

Tag Archives: financial institution

Posted in Consumer Privacy, Financial Privacy

FTC Seeks Public Comment on Safeguards Rule

The FTC today announced a request for public comment on the Standards for Safeguarding Consumer Information Rule. The FTC promulgated the Safeguards Rule in 2002, implementing Title V of the Gramm-Leach-Bliley Act , which required federal agencies to establish standards for the administrative, technical, and physical safeguards employed by financial institutions for certain information. In addition to general requests for comment, the FTC requested that five specific issues be addressed, which we have outlined below. Comments are due by November 7, 2016.

Posted in Financial Privacy

Financial Services Industry Group Issues Social Media Guidance

A financial services industry group recently released guidance on managing the risks associated with using social media such as Facebook and Twitter. The guidance, titled “Social Media Risks and Mitigation,” was released this week by BITS, a division of the Financial Services Roundtable, which represents 100 of the largest financial services companies. The guidance includes tips on managing numerous concerns specific to financial institutions, which are increasingly using social media in their marketing and customer relationship activities.

Posted in Financial Privacy, International/EU Privacy

FinCEN Considers Proposed Rule to Require Reporting of Cross-Border Electronic Fund Transfers

Comments are due December 29th on a proposal that would require banks and money transmitters to report information to the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) regarding international fund transfers, including the Social Security numbers of individuals that send or receive such funds.