FTC Seeks Comment on Safeguards Rule

The Federal Trade Commission is seeking public comment on Standards for Safeguarding Customer Information (the “Safeguards Rule”) as part of its systematic review of all FTC rules and guides. The Safeguards Rule, which took effect in 2003, requires financial institutions to develop, implement and maintain a comprehensive information security program for handling customer information.

The FTC seeks comments on a number of questions, including the economic impact and benefits of the Rule; possible conflict between the Rule and state, local or other federal laws or regulations; and the effect on the Rule of any technological, economic or other industry changes. The Commission vote approving the Federal Register Notice was 3-0. The notice will be published shortly and instructions for filing comments appear in the Notice. Comments must be received on or before November 7, 2016.