New Gramm-Leach-Bliley rules to require changes to service provider contracts

Lenders will need to draft new contracts or amendments to existing contracts to stay compliant

© Can Stock Photo / ufabizphoto

The forthcoming changes to the Gramm-Leach-Bliley Act data safeguard rules will require auto lenders to rewrite or amend contracts with service providers to include language obligating the service provider to implement and maintain appropriate safeguards to protect consumer information. The Federal Trade Commission’s (FTC) updated rules, which go into effect Jan. 10, add minimum requirements […]

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