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Posts tagged as “Privacy”

CFPB On Schedule With Consumer Data Privacy Rights Rulemaking Process

On Oct. 25, 2022, the Director of the Consumer Financial Protection Bureau (CFPB), Rohit Chopra, announced at a fintech conference that the CFPB “will launch the process to activate a dormant authority under Section 1033 of the Consumer Financial Protection Act . . . [to] provide for personal financial data rights for Americans . . .”

FTC: Businesses of All Types Subject to Safeguards Rule

Determining whether your business engages in activities that can trigger coverage is discussed by the Federal Trade Commission in just released guidance entitled “FTC Safeguards Rule: What Your Business Needs to Know.” The Rule applies to many businesses beyond the scope of what are commonly understood to be “financial institutions” and has implications for service providers to covered entities.

Fifth State in the Union Becomes Fifth State to Enact Data Privacy Legislation

On May 10, Gov. Ned Lamont signed into law Substitute Senate Bill 6 (Public Act 22-15), Connecticut’s version of comprehensive consumer data privacy legislation.  This makes Connecticut the fifth state to enact such legislation, following California, Virginia, Colorado, and Utah.  The Act will go into effect July 1, 2023.

Amendments to the GLBA Safeguards Rule: What’s New, What’s Not, and What’s Hot for Non-Banking Financial Institutions

The Federal Trade Commission recently amended the Safeguards Rule, 16 C.F.R. § 314.1, et seq., with significant changes to how an information security program should be designed, what it must include, and who needs to be in charge.