Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 03 NOVEMBER 2021

FTC Finalizes Financial Institution Safeguards Rule

WilmerHale
WilmerHale
Contributor
WilmerHale

WilmerHale

WilmerHale's London office was established more than 40 years ago. With lawyers qualified in the...

View firm profile
Explore more from WilmerHale

On October 27, 2021, the Federal Trade Commission (FTC) announced a newly updated rule under the Gramm-Leach-Bliley Act (GLBA) intended to require financial institutions...

United StatesFinance and Banking
Kirk J. Nahra
Kirk J. Nahra
Jason Chipman
Jason Chipman
Reade Jacob
Reade Jacob
Author LinkedIn connections

On October 27, 2021, the Federal Trade Commission (FTC) announced a newly updated rule under the Gramm-Leach-Bliley Act (GLBA) intended to require financial institutions to strengthen their data security safeguards to protect consumer financial information. The newly updated rule, the Standards for Safeguarding Customer Information (Safeguards Rule), amends the FTC's 2002 Safeguards Rule, and comes in the wake of significant data security incidents and cyberattacks in the consumer financial services sector.

The FTC's Safeguards Rule applies to non-banking financial institutions, such as check-cashing businesses, payday lenders, mortgage brokers, nonbank lenders, personal property or real estate appraisers, professional tax preparers, courier services, and credit reporting agencies. Those non-banking financial institutions will be expected to comply with the bulk of the requirements in the new Safeguards Rule likely by Q4 of 2022.

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

View source

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

SEC Advances “Responsible Retailization” Through A Potential Accredited Investor Exam And Potential Regulated Fund Reforms

On September 30, 2026, the Securities and Exchange Commission (SEC) issued two rule proposals and five notices aimed at expanding investors’ access to private markets. The package would add ways to qualify as an accredited investor, including passing a new exam administered by the Financial Industry Regulatory Authority (FINRA), broaden performance-based compensation and modernize regulated funds, including interval funds and business development companies (BDCs).
United StatesFinance and Banking
Proskauer Rose LLP
Proskauer Rose LLP
Article

SEC Proposes Rule Amendments To Expand Retail Access To Private Markets

The SEC has proposed sweeping amendments to expand retail investor access to private market strategies, including changes to performance-based compensation rules for registered investment advisers and modernization of the interval fund framework. The proposals also explore new credential-based pathways for individuals to qualify as accredited investors, potentially opening private offerings to a broader pool of eligible participants.
United StatesFinance and Banking
Duane Morris LLP
Duane Morris LLP
Article

SEC Approves FINRA’s New “Outside Activities” Rule

The Securities and Exchange Commission has approved FINRA Rule 3290, which will replace existing rules governing outside business activities and private securities transactions for registered persons. This new rule narrows the scope to focus on investment-related activities while maintaining similar supervisory obligations for member firms. Understanding the key changes and implementation requirements will be critical for broker-dealers as they update their compliance policies and procedures.
United StatesFinance and Banking
WilmerHale
WilmerHale
Article

SEC Proposes Rule Changes And Seeks Comments On Additional Accredited Investor Pathways

The Securities and Exchange Commission has proposed six new pathways for individuals to qualify as accredited investors, moving beyond traditional income and wealth thresholds. These changes would allow qualification through professional certifications like CPA, CFA, and CFP designations, as well as through a new FINRA-administered exam testing securities knowledge.
United StatesFinance and Banking
Taft, Stettinius & Hollister LLP
Taft, Stettinius & Hollister LLP
Article

New NYSE Delisting Rules: What Microcap Companies Need To Know About The $0.25 Minimum Trading Price

The SEC has approved new NYSE and NYSE American listing rules establishing a $0.25 minimum trading price, effective July 1, 2027. A single closing price below this threshold triggers immediate trading suspension and delisting proceedings with no cure period. Companies trading at low share prices must act now during the transition period to implement reverse stock splits and establish monitoring procedures before this hard floor takes effect.
United StatesFinance and Banking
Bevilacqua
Bevilacqua
Article

PTAB/USPTO Update - October 2026

The USPTO has released new templates and guidance for AIA trial proceedings, announced key appointments including a Chief AI Officer, and published updated procedures for patent applications and subject matter eligibility declarations. Director Squires delivered multiple addresses emphasizing the constitutional importance of intellectual property rights while the agency expanded its community engagement efforts and international collaboration through WIPO's Global IP Assignment Platform pilot program.
United StatesIntellectual Property
WilmerHale
WilmerHale
Article

SEC Approves FINRA’s New “Outside Activities” Rule

The Securities and Exchange Commission has approved FINRA Rule 3290, which will replace existing rules governing outside business activities and private securities transactions for registered persons. This new rule narrows the scope to focus on investment-related activities while maintaining similar supervisory obligations for member firms. Understanding the key changes and implementation requirements will be critical for broker-dealers as they update their compliance policies and procedures.
United StatesFinance and Banking
WilmerHale
WilmerHale
Article

SEC 2027 Exam Priorities: Familiar Priorities, Evolving Markets

The SEC Division of Examinations has released its fiscal year 2027 examination priorities, signaling continued focus on investment adviser fiduciary obligations, broker-dealer financial responsibility, and Regulation Best Interest while adapting to evolving market practices. Private credit, artificial intelligence governance, and retail investor protection emerge as prominent areas of scrutiny, with examiners expected to probe valuation practices, conflicts of interest, and technology controls across regula
United StatesFinance and Banking
WilmerHale
WilmerHale
Article

PTAB/USPTO Update - September 2026

The USPTO has released its latest economic impact report on IP-intensive industries, announced a new community engagement office in North Carolina, and issued several administrative updates including relief for Japanese applicants affected by a severe earthquake. The Patent Trial and Appeal Board has also designated new precedential and informative decisions addressing obviousness-type double patenting and Markush groupings.
United StatesIntellectual Property
WilmerHale
WilmerHale
Article

23x5 Trading Comes To US Exchanges: What Firms Should Know Before Launch

US national securities exchanges are preparing to launch 23x5 trading by December 6, 2026, marking the most significant expansion of trading hours in decades. This comprehensive analysis examines the regulatory approvals, operational infrastructure changes, investor protection mechanisms, and issuer considerations necessary to support overnight equity trading from Sunday through Thursday evenings.
United StatesFinance and Banking
WilmerHale
WilmerHale
Article

The SEC’s Transfer Agent Modernization Proposal: Implications For Onchain Recordkeeping

The SEC has proposed a comprehensive overhaul of transfer agent regulations that would formally recognize distributed ledger technology and blockchain-based recordkeeping systems within the existing regulatory framework. This modernization effort imposes enhanced operational, safeguarding, and compliance obligations while establishing technology-neutral standards that could significantly impact tokenization initiatives and digital asset market infrastructure.
United StatesFinance and Banking
WilmerHale
WilmerHale
Article

Washington Attorney General Publishes First Data Privacy Report

Washington Attorney General Nick Brown released the state's first Data Privacy Report, examining how the modern data economy incentivizes personal information collection and retention. The report catalogs resulting harms and recommends that lawmakers strengthen privacy protections, enforcement, and public education while highlighting Washington's continued lack of a comprehensive consumer privacy statute despite inspiring other states' privacy laws.
United StatesPrivacy
WilmerHale
WilmerHale