The Federal Trade Commission (FTC) is tasked by the Federal Government of the United States with protecting America’s consumers. They enforce federal competition and consumer protection laws that prevent anticompetitive, deceptive, and unfair business practices. One such consumer protection law is the Gramm–Leach–Bliley Act (GLBA). This law requires companies engaged in financial activity to safeguard customer information. The enforcement of the GLBA falls to the FTC and the document outlining the details is the FTC Safeguards Rule.
In recent years, more industries have been added to fall under the jurisdiction of the FTC and the Rule. Mortgage brokers, mortgage lenders, and auto dealerships must follow the rule starting in December 2022. The assessment above and our team’s analysis can give companies an understanding of where they stand in regards to following the law and protecting customer information.