United States of America: Amendment to FTC Standards for Safeguarding Customer Information Rule
Progress
Scope
Timeline of events
Implementation of section 16 CFR 314.4 of the Standards for Safeguarding Customer Information Rule
On 9 June 2023, the Standards for Safeguarding Customer Information Rule section 16 CFR 314.4 is implemented. The Rule requires financial institutions non-banking financial institutions to develop a comprehensive preventive and detective security sy…
SourcePostponed implementation of amended Standards for Safeguarding Customer Information Rule section 16 CFR 314.4
On 15 November 2022, the Federal Trade Commission (FTC) announced that it is extending the effective date of section 16 CFR 314.4 of the Standards for Safeguarding Customer Information Rule from 9 December 2022 to 9 June 2023. The Rule requires fina…
SourcePartial implementation of Standards for Safeguarding Customer Information Rule
On 10 January 2022, the amended Standards for Safeguarding Customer Information Rule is partially implemented. In particular, sections 16 CFR 314.1, 314.2 and 324.3 enter into force. The amended Rule expands the entities subject to the new requireme…
SourceAdopted FTC amendment to Standards for Safeguarding Customer Information Rule
On 9 December 2021, the Federal Trade Commission (FTC) adopted the amendment to the Standards for Safeguarding Customer Information Rule (section 16 CFR Part 314). The amended Rule expands the entities subject to the new requirements, defining the "…
SourceAnnounced FTC amendment to Safeguards Rule on the security of customers' information
The amended Rule would expand the entities subject to the new requirements, defining the "financial institution" as entities that engage in any activity considered to be financial. Under the amended Rule, entities such as mortgage brokers, payday le…
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