FTC Seeks Comment on Proposed Amendments to Safeguards and Privacy Rules

The Federal Trade Commission is seeking comment on proposed amendments to two rules that protect the privacy and security of customer information held by financial institutions.

The Safeguards Rule, which went into effect in 2003, requires a financial institution to develop, implement, and maintain a comprehensive information security program. The Privacy Rule, which went into effect in 2000, requires a financial institution to inform customers about its information-sharing practices and allow customers to opt out of having their information shared with certain third parties.

Source: FTC Seeks Comment on Proposed Amendments to Safeguards and Privacy Rules | Federal Trade Commission