What are the objectives of Part 314 of the GLBA?

This part, which implements sections 501 and 505(b)(2) of the Gramm-Leach-Bliley Act, sets forth standards for developing, implementing, and maintaining reasonable administrative, technical, and physical safeguards to protect the security, confidentiality, and integrity of customer information.

What is the FTC Safeguards Rule?

The Safeguards Rule requires financial institutions to store sensitive customer information securely and ensure its secure transmission, as well as maintain programs and implement audit procedures that prevent unauthorized access and improper disclosure.

What is the FTC implementation of the GLBA?

The Gramm-Leach-Bliley Act requires financial institutions – companies that offer consumers financial products or services like loans, financial or investment advice, or insurance – to explain their information-sharing practices to their customers and to safeguard sensitive data.

What is the goal of the FTC Safeguards Rule?

The Safeguards Rule requires financial institutions under FTC jurisdiction to have measures in place to keep customer information secure.

How to comment on the 16 CFR Part 314?

Write “Safeguards Rule, 16 CFR part 314, Project No. P145407,” on your comment and file your comment online at https://www.regulations.gov by following the instructions on the web-based form.

What is the FTC notice of Proposed Rulemaking?

Notice of proposed rulemaking; request for public comment. 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.

When do you need to submit comments to the FTC?

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. Written comments must be received on or before June 3, 2019.

What is Appendix B to part 364 of the FDIC?

Appendix B to Part 364—Interagency Guidelines Establishing Information Security Standards B. Preservation of Existing Authority II. Standards for Safeguarding Customer Information III. Development and Implementation of Customer Information Security Program A. Involve the Board of Directors D. Oversee Service Provider Arrangements