Tag: Gramm-Leach Bliley Act
FTC Adds New Data Breach Reporting Obligations Under Safeguards Rule
On October 27, 2023, the Federal Trade Commission (FTC) unanimously approved an amendment to the Gramm-Leach-Bliley Act (GLBA) Safeguards Rule to require certain covered financial institutions to report a broad range of data breaches and other unauthorized data disclosures to the FTC. With a broader scope than existing obligations, quick […]
Fintech Faces Expanded Applicability of GLBA’s Privacy and Security Requirements
In a little-noticed consent decree in the fall of 2019, the Federal Trade Commission took the position that businesses whose services facilitate financial operations on behalf of financial institutions may themselves be financial institutions subject to the privacy and data security requirements under the Gramm-Leach Bliley Act. This decision may […]