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.
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.
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.
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.
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 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 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.”