FTC Seeks Public Comment on the Safeguards Rule
On August 29, the FTC announced that it is requesting public comment on its Standards for Safeguarding Customer Information Rule (the Safeguards Rule). As required by the Gramm-Leach-Bliley Act, the Commission promulgated the Safeguards Rule to require all “financial institutions” over which the FTC maintains authority to “develop, implement and maintain a comprehensive information security program for handling customer information” (emphasis added). The FTC seeks comments on several specific questions relating to (i) the Safeguards Rule’s economic impact and benefits; (ii) potential conflict between the Safeguards Rule and state, local, or other federal laws or regulations; and (iii) how technological, economic, or other industry changes will affect the Safeguards Rule. Comments are due by November 7, 2016.