FTC Seeks To Update Its Safeguards And Privacy Rules

On March 5, 2019, the Federal Trade Commission (FTC) published notices of proposed rulemaking to amend the existing standards for the safeguarding of consumer information, 16 C.F.R. Part 314 (the Safeguards Rule) (available here), and the privacy of consumer financial information, 16 C.F.R. Part 313 (the Privacy Rule) (available here), applicable under Title V of the Gramm-Leach-Bliley Act (GLBA) to financial institutions within the FTC's jurisdiction, which would include entities that are "engaged in activities that are incidental to financial activities," such as non-bank financial institutions that are not otherwise subject to the enforcement authority of another regulator. If adopted, the proposed rules will have a significant impact on the operations of covered financial institutions.