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.
Tag Archives: financial institution
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.
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.
CFTC Proposes Rules on Affiliate Marketing, Data Disposal, and GLBA Privacy
On October 27, the Commodity Futures Trading Commission (CFTC) issued proposed privacy and data security rules under the Gramm-Leach-Bliley Act (GLBA) and Fair Credit Reporting Act (FCRA), pursuant to the Dodd-Frank Act.
FDIC Requires Banks to Adopt Policies on Disposal of Information Stored on Office Equipment
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.
FTC Red Flags Rule Enforcement Delayed Again (and New Legal Challenge)
FTC Chairman Leibowitz: “Congress needs to fix the unintended consequences of the legislation establishing the Red Flags Rule – and to fix the problem quickly.”
Federal Regulators Release Customizable Version of Model Privacy Notice
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.
FTC Delays Enforcement of Red Flags Rule for Fourth Time
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.”