Federal Trade Commission Proposed Rule

2019-04981: Standards for Safeguarding Customer Information

Comment Period Closed

Public comment closed .

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Summary

The Federal Trade Commission ("FTC" or "Commission") requests public comment on its proposal to amend the Standards for Safeguarding Customer Information ("Safeguards Rule" or "Rule"). The proposal contains five main modifications to the existing Rule. First, it adds provisions designed to provide covered financial institutions with more guidance on how to develop and implement specific aspects of an overall information security program. Second, it adds provisions designed to improve the accountability of financial institutions' information security programs. Third, it exempts small businesses from certain requirements. Fourth, it expands the definition of "financial institution" to include entities engaged in activities that the Federal Reserve Board determines to be incidental to financial activities. Finally, the Commission proposes to include the definition of "financial institution" and related examples in the Rule itself rather than cross-reference them from a related FTC rule, the Privacy of Consumer Financial Information Rule.

The agency’s own summary, as published.

What this changes

Amends 1 part of the Code of Federal Regulations — the standing rules this notice rewrites.

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