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FTC Seeks Comment on Safeguards Rule

August 29, 2016 / Source: FTC

FOR YOUR INFORMATION
August 29, 2016

TAGS: Consumer Protection | Privacy and Security | Consumer Privacy | Data Security

The Federal Trade Commission is seeking public comment on Standards for Safeguarding Customer Information (the “Safeguards Rule”) as part of its systematic review of all FTC rules and guides.

The Safeguards Rule, which took effect in 2003, requires financial institutions to develop, implement and maintain a comprehensive information security program for handling customer information. The FTC seeks comments on a number of questions, including the economic impact and benefits of the Rule; possible conflict between the Rule and state, local or other federal laws or regulations; and the effect on the Rule of any technological, economic or other industry changes.

The Commission vote approving the Federal Register Notice was 3-0. The notice will be published shortly and instructions for filing comments appear in the Notice. Comments must be received on or before November 7, 2016. All comments received will be posted on the FTC’s website. (FTC File No. P145407; the staff contact is David Lincicum, Bureau of Consumer Protection, 202-326-2773).

The Federal Trade Commission works to promote competition, and protect and educate consumers. You can learn more about consumer topics and file a consumer complaint online or by calling 1-877-FTC-HELP (382-4357). Like the FTC on Facebook, follow us on Twitter, read our blogs and subscribe to press releases for the latest FTC news and resources.

CONTACT INFORMATION

MEDIA CONTACT:
Frank Dorman
Office of Public Affairs
202-326-2674