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Data Protection Financial Services Industry Gramm-Leach-Blilely Act

Fisher Phillips

GLBA Set for Overhaul? 10 Questions That May Decide the Next Generation of Financial Privacy Law

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Congress is asking the financial industry – and anyone else with a stake in consumer data – to weigh in on the future of the Gramm-Leach-Bliley Act (GLBA). On July 31, the US House Financial Services Committee leaders issued...more

Orrick, Herrington & Sutcliffe LLP

CFPB report examines state and federal consumer financial data privacy protections

On November 12, the CFPB released a report examining federal and state consumer financial data privacy protections. The report highlighted how several states have recently enacted new data privacy laws, most of which provided...more

Constangy, Brooks, Smith & Prophete, LLP

FTC Non-Banking Financial Institutions Safeguards Rule

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

Polsinelli

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

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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

Jones Day

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

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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

McGlinchey Stafford

FTC’s Final Rule Requires Reporting of Data Breaches by Non-Bank Financial Institutions

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On October 27, 2023, the Federal Trade Commission (FTC) issued a final rule (Final Rule) to amend the Standards for Safeguarding Customer Information (Safeguards Rule). This amendment will require non-bank financial...more

Venable LLP

Four Cybersecurity Law Issues for Financial Services to Track in 2023 | Insights

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The financial services sector must already contend with a maze of regulations in a variety of areas, and 2023 is poised to usher in new cybersecurity regulations for the industry. Organizations should ensure their security...more

Shutts & Bowen LLP

Changes to GLBA Safeguards Rule Affect More Than Traditional Financial Institutes

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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

Hudson Cook, LLP

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

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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

Hinshaw & Culbertson - Privacy, Cyber & AI...

FTC Overhauls Safeguards Rule Regarding Customer Information Applicable to Auto-Dealers and Other "Financial Institutions"

On October 27, 2021, the FTC announced that it intends to publish (1) a final rule to amend the Standards for Safeguarding Customer Information (Safeguards Rule); (2) a supplemental notice and request for public comment on...more

Greenbaum, Rowe, Smith & Davis LLP

FTC’s Final Rule Expands the Safeguards Rule for Financial Institutions to Address Cybersecurity Risks and the Privacy of Consumer...

What You Should Know •The FTC has amended the Safeguards Rule for non-bank providers of financial products and services by issuing a Final Rule. •The updates are intended to enhance the security of consumer financial...more

Wilson Sonsini Goodrich & Rosati

FTC Releases Updated Safeguards Rule for Financial Institutions

On October 27, 2021, the Federal Trade Commission (FTC) released a final rule that updates the Safeguards Rule of the Gramm-Leach-Bliley Act (Final Rule). This Final Rule comes after the FTC sought comment on proposed changes...more

WilmerHale

FTC Finalizes Financial Institution Safeguards Rule

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On October 27, 2021, the Federal Trade Commission (FTC) announced a newly updated rule under the Gramm-Leach-Bliley Act (GLBA) intended to require financial institutions to strengthen their data security safeguards to protect...more

Robinson+Cole Data Privacy + Security Insider

Federal Trade Commission Amends Safeguards Rule for Non-Banking Financial Institutions

The Federal Trade Commission (FTC) issued a Final Rule on October 27, 2021, amending the Standards for Safeguarding Customer Information, known as “the Safeguards Rule,” under the Gramm-Leach-Bliley Act, which is applicable...more

Oberheiden P.C.

Are You a Financial Institution? GLBA Law & Compliance

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The Gramm-Leach-Bliley Act (GLBA) is a federal law that establishes various legal requirements for companies that qualify as “financial institutions” under the Act. The GLBA’s definition of a “financial institution” is...more

Hogan Lovells

New York State Expected to Increase Enforcement of Cybersecurity Practices

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Companies should take note of two imminent developments in New York in the area of cybersecurity regulation: enforcement of the New York Department of Financial Services (NYDFS) Cybersecurity Regulation (Regulation) and the...more

Ballard Spahr LLP

FTC Releases 2019 Privacy and Data Security Update

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On February 25th, the Federal Trade Commission (FTC) released its annual Privacy and Data Security Update, which highlights the FTC’s activities during the past year....more

Seyfarth Shaw LLP

CCPA Amendments – What did California Actually Do?

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The rush for California to get all of the “rules of the road” ready for next year has seemed to cause a bit of confusion with California’s privacy law. Draft regulations were published the same day the Governor signed into...more

Carlton Fields

Are Banks and Other Lenders Subject to the CCPA?

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California’s new privacy statute imposes a number of new requirements on businesses that touch the personal information of California consumers. Its reach includes banks and financial services companies....more

Hogan Lovells

California Consumer Privacy Act: The Challenge Ahead – The Interplay Between the CCPA and Financial Institutions

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This is the ninth installment in Hogan Lovells’ series on the California Consumer Privacy Act. The California Consumer Privacy Act of 2018 (“CCPA”) exempts information that is collected, processed, sold, or disclosed...more

Ballard Spahr LLP

GLBA and the California Privacy Act: Analyzing SB 1121's Change to the Financial Institution Carve-Out Provision

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Less than three months after California passed the California Consumer Privacy Act of 2018 (CCPA), Governor Jerry Brown signed SB 1121 this week, making a number of technical and substantive changes to the law....more

Ballard Spahr LLP

Proposed House Bill Would Set National Data Security Standards for Financial Services Industry

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A new bill introduced by House Financial Services subcommittee Chairman Rep. Blaine Luetkemeyer would significantly change data security and breach notification standards for the financial services and insurance industries. ...more

Ballard Spahr LLP

Proposed House Bill Would Set National Data Security Standards for Financial Services Industry

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A new bill introduced by House Financial Services subcommittee Chairman Rep. Blaine Luetkemeyer would significantly change data security and breach notification standards for the financial services and insurance industries. ...more

Stinson LLP

Financial Institutions' Consumer Data Exposed in Web Platform Vulnerability

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Banks and other financial institutions rely on a relatively small number of core service providers to process customer personal and financial information. The National Association of Federally-Insured Credit Unions (NAFCU)...more

Snell & Wilmer

New Cybersecurity Requirements for New York Financial Companies

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The New York Department of Financial Services has new cybersecurity regulations “designed to promote the protection of customer information as well as the information technology systems of regulated entities [financial...more

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