FTC tightens data safeguards in the Gramm-Leach-Bliley Act

The new rule is effective Jan. 10, and lenders will have one year to update processes

© Can Stock Photo / demerzel21

The Federal Trade Commission’s (FTC) updated rules for safeguarding customer information in the Gramm-Leach-Bliley Act (GLBA) are set to shake up auto lenders’ compliance divisions with more stringent minimum requirements and document-heavy reporting processes. The GLBA was first instituted in 1999 and is divided into two branches: privacy, or how consumer financial information is shared, […]

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