New Federal Trade Commission’s Safeguards Rule is a Game-Changer for Extended Warranty and GAP Waiver Industries

By Brian T. Casey, Theodore P. Augustinos and Alexander R. Cox

The Federal Trade Commission (“FTC”) has recently supercharged the Gramm-Leach-Bliley Act’s Safeguards Rule for financial institutions under its jurisdiction. The Safeguards Ruleimposes data security standards for consumer nonpublic person information obtained and created by financial institutions subject to the FTC’s Gramm-Leach-Bliley Act jurisdiction. The FTC finalized its proposed update to the Safeguards Rule on October 28, 2021, which was originally published for rule-making in March 2019 and then further developed during an FTC workshop in July 2020. After a lengthy gestation period, the new revised rule became effective January 10, 2022, and requires compliance by December 9, 2022.

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