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FTC Delays Safeguards Rule Implementation for Certain Financial Institutions
November 23, 2022The Federal Trade Commission (“FTC”) announced last week that it is delaying the date by which certain financial institutions must comply with certain provisions of its updated Safeguards Rule by six months, with the compliance date now being June 9, 2023. Applicable to non-banking institutions such as mortgage brokers, motor vehicle dealers, and licensed lenders, the FTC’s iteration of the Safeguards Rule (16 C.F.R. 34) — which implements data security requirements from the Gramm-Leach-Bliley Act (“GLBA”) — was updated in December 2021.
