FTC Extends Safeguards Rule Implementation Date
Earlier this year, the American Financial Services Association and other trades requested that the Federal Trade Commission (FTC) extend [7/1/22 Letter & 10/19/22 Letter] the deadline for compliance with its data security safeguards proposal for financial institutions, a request endorsed by the Small Business Administration’s Office of Advocacy other trade groups, and a bipartisan group of Members of Congress led by Rep. Chrissy Houlahan (D-PA). AFSA appreciates the unanimous FTC decision announced today to extend the compliance deadline for six months, allowing financial services companies to better prepare for the Safeguards rules.
“AFSA member companies provide crucial services in our economy,” said AFSA SVP Celia Winslow. “Extending the implementation date of the rule means that companies will be able to make appropriate enhancements to systems and staffing, ultimately benefiting consumers.”
November 15th, 2022 by Dan Bucherer