FTC Extends Comment Deadline on Proposed Changes to Safeguards Rule

The Federal Trade Commission has agreed to extend by 60 days the deadline for the public to submit comments on proposed changes to the Safeguards Rule, which requires financial institutions to develop, implement, and maintain a comprehensive information security program.

The FTC announced in March that it was seeking comment on proposed changes to the Gramm-Leach-Bliley Act’s Safeguards Rule as well as the Privacy Rule, which requires a financial institution to inform customers about its information-sharing practices and allow customers to opt out of having their information shared with certain third parties.

In response to requests from commenters, the FTC will be publishing a notice in the Federal Register shortly, announcing that the deadline to submit comments on the proposed changes to the Safeguards Rule has been extended to August 2, 2019. Comments on the proposed changes to the Privacy Rule are due on June 3, 2019, the original comment deadline.

The Commission voted 5-0 to publish a notice in the Federal Register extending the deadline for submitting comments on proposed changes to the Safeguards Rule.

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