FTC Tees Up Changes to Financial Industry Privacy Rules

The Federal Trade Commission is proposing changes to two rules governing financial institutions’ privacy and security to better align with existing laws.

The agency said it’s seeking public comment on its proposed changes to the Privacy Rule and the Safeguard Rule under the Gramm-Leach-Bliley Act to align them with the Dodd-Frank Act, which changed the scope of the privacy rule, and the FAST Act, which modified the GLBA’s annual privacy notice requirement.

“While our original groundbreaking Safeguards Rule from 2003 has served consumers well, the proposed changes are informed by the FTC’s almost 20 years of enforcement experience,” Andrew Smith, ...