News & Analysis as of May 5, 2025

Gramm-Leach-Blilely Act

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Follow this channel for advisories on one of the biggest threats to businesses today. Read a morning brief of fresh guidance and commentary by leading lawyers on security, privacy, risk management, global regulations, data protection, leaks, hacking, cyber insurance, compliance, HIPAA, and every other aspect of cybersecurity of import to corporate readers right now. less -

FTC cyber breach notification rules: If you’re a non-banking financial institution, here’s what you need to know.

Constangy, Brooks, Smith & Prophete, LLP on 11/18/2024

Financial institutions are now required to notify the Federal Trade Commission about any security breach that involves the information of 500 customers or more. The breach must be reported no later than 30 days after it is...more

Navigating Emerging Privacy Issues in Financial Services — The Consumer Finance Podcast

Troutman Pepper Locke on 9/5/2024

In this episode of The Consumer Finance Podcast, Chris Willis is joined by privacy Partner Kim Phan and Rami Haddad, deputy general counsel at PRA Group. This episode delves into a range of emerging privacy issues impacting...more

Don’t Forget: It’s Time to Notify the FTC of Your Data Breach

McGuireWoods LLP on 2/9/2024

This summer, the Federal Trade Commission (“FTC”) will once again tighten the belt on entities that offer financial products and services when another round of amendments to the Gramm-Leach-Bliley Safeguards Rule goes into...more

Year in Review: The Top 10 US Data Privacy Developments From 2023

WilmerHale on 1/8/2024

2023 marked a pivotal moment in US data privacy and cybersecurity, characterized by substantial regulatory and legislative advances at the international, federal, and state levels. The Federal Trade Commission (FTC) took a...more

FTC Amends Financial Institution Safeguards Rule to Include New Obligation to Report Notification of Data Security Breaches

Benesch on 11/29/2023

The amended rule requires financial institutions to notify the FTC within 30 days of discovery of a security breach involving information of at least 500 consumers. ...more

More Privacy, Please - September/October 2023

Troutman Pepper Locke on 11/28/2023

Editor’s Note: The FTC continues to crack down on privacy and cybersecurity, including issuing a new warning to tax preparation companies and entering into a consent decree with 1Health.io. VPPA and BIPA litigation continues...more

FTC Adds New Data Breach Reporting Obligations Under Safeguards Rule

Cooley LLP on 11/21/2023

On October 27, 2023, the Federal Trade Commission (FTC) unanimously approved an amendment to the Gramm-Leach-Bliley Act (GLBA) Safeguards Rule to require certain covered financial institutions to report a broad range of data...more

FTC Non-Banking Financial Institutions Safeguards Rule

Constangy, Brooks, Smith & Prophete, LLP on 11/15/2023

The Federal Trade Commission has approved an amendment to the Safeguards Rule under the Gramm-Leach-Bliley Act that creates a new data privacy regulatory reporting requirement for non-banking financial entities. Covered...more

FTC Adopts Data Breach Notification Obligations for Non-Banking Financial Institutions

Polsinelli on 11/14/2023

On October 27, 2023, the Federal Trade Commission (“FTC”) adopted an amendment to the FTC’s Safeguards Rule that will require non-banking financial institutions to notify the FTC within thirty days of discovering a data...more

FTC Requires Non-Bank Financial Institutions to Report Data Security Breaches Under Amended Safeguards Rule

Jones Day on 11/13/2023

On Friday, October 27, the Federal Trade Commission ("FTC") announced new amendments to the Safeguards Rule, requiring covered financial institutions to report certain data breaches to the FTC and reflecting its continuing...more

A New General Notice Requirement for Financial Institutions

Holland & Knight LLP on 11/7/2023

The Federal Trade Commission (FTC) on Oct. 27, 2023, announced further amendments to the Gramm-Leach-Bliley Safeguards Rule (Safeguards Rule). The Safeguards Rule became effective in 2003, requiring certain financial...more

Federal Trade Commission Expands Rule Regarding Reporting of Data Security Breaches

Jackson Lewis P.C. on 11/6/2023

The Federal Trade Commission (FTC) has approved an amendment to its Safeguards Rule that will require non-banking financial institutions to report certain data breaches (or “notification events”) to the FTC (not affected...more

FTC Approves New Data Breach Notification Requirement for Non-Banking Financial Institutions

Alston & Bird on 11/1/2023

On October 27, 2023, the FTC approved an amendment to the Safeguards Rule (the “Amendment”) requiring that non-banking financial institutions notify the FTC in the event of a defined “Notification Event” where customer...more

Safeguards Snafu? The Anomalous New Provision in the FTC’s Gramm-Leach-Bliley Safeguards Rule

Kelley Drye & Warren LLP on 11/1/2023

Last week, the FTC announced that it had finalized its rulemaking to add data breach notification provisions to the Gramm-Leach-Bliley Act (GLBA) Safeguards Rule. As expected, the new provisions require non-bank financial...more

Complying With the FTC's Amended Safeguards Rule

Bradley Arant Boult Cummings LLP on 6/7/2023

Cybersecurity is a looming threat for most businesses. The impact of a major cyber event can resonate for weeks, months, and even years after the initial attack. To mitigate the risks to consumers, there have been several...more

Update on GLBA Safeguards Rule in Higher Education

BakerHostetler on 6/2/2023

On February 9, 2023, the Department of Education Office of Federal Student Aid (“FSA”) issued an electronic notice regarding the Federal Trade Commission’s Final Rule amending the Standards for Safeguarding Customer...more

SEC Proposes Robust Amendments to Regulation S-P

Dechert LLP on 4/18/2023

At an open meeting on March 15, 2023, the U.S. Securities and Exchange Commission voted unanimously to propose rule amendments to Regulation S-P (Proposed Rule) and published an accompanying release (Release). The Proposed...more

Cybersecurity Rules and Colleges – Approaching Deadline

Spilman Thomas & Battle, PLLC on 3/2/2023

With only four months left before most changes to the federal Standards for Safeguarding Customer Information (“Safeguards Rule”) – a component of the Gramm-Leach Bliley Act (“GLBA”) that provides for the protection of...more

FTC Announces Six-Month Delay of Compliance Deadline for Updated Safeguards Rule

WilmerHale on 11/22/2022

On November 15, the Federal Trade Commission (FTC) announced a six-month delay of the deadline by which companies must comply with recent amendments to its Standards for Safeguarding Customer Information (“the Safeguards...more

Safeguards Rule Compliance Deadline Extended by FTC

Bond Schoeneck & King PLLC on 11/18/2022

On Nov. 15, 2022, the Federal Trade Commission (FTC) announced a six-month extension for businesses to comply with certain changes made to the Safeguards Rule (the Rule). The Rule is a portion of the 2002 Gramm-Leach-Bliley...more

FTC Extends Deadline to Comply with GLBA Safeguards Rule Until June 9, 2023

Davis Wright Tremaine LLP on 11/17/2022

On November 15, 2022, the Federal Trade Commission (FTC) announced a six-month extension of the deadline to comply with most provisions of its new Safeguards Rule. Covered "financial institutions" under the Safeguards Rule,...more

Changes to GLBA Safeguards Rule Affect More Than Traditional Financial Institutes

Shutts & Bowen LLP on 10/7/2022

The Gramm-Leach-Bliley Act (“GLBA”) was a bi-partisan regulation passed by Congress in 1999 in an attempt to update and modernize the financial industry. One component of the GLBA, its Safeguards Rule, requires financial...more

The FTC's Sweeping Changes to the Safeguards Rule - Time to Reexamine Your Information Security Program

Hudson Cook, LLP on 3/18/2022

On October 27th, the Federal Trade Commission (“FTC”) finalized its long-awaited updates to the Safeguards Rule. The Safeguards Rule implements provisions of the Gramm-Leach-Bliley Act requiring the safeguarding of customer...more

The FTC's Sweeping Changes to the Safeguards Rule

Hudson Cook, LLP on 1/21/2022

Time to Reexamine Your Information Security Program - On October 27, the Federal Trade Commission finalized its long-awaited updates to the Safeguards Rule. The Safeguards Rule implements provisions of the...more

GLBA Safeguards Rule Amendments Become Effective — December 2022 Compliance Countdown for Key Provisions Begins

Troutman Pepper Locke on 1/20/2022

On January 10, the Federal Trade Commission’s final rule, amending the Standards for Safeguarding Customer Information (Safeguards Rule) under the Gramm-Leach-Bliley Act (GLBA), became effective. We wrote about the final rule...more

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