The Federal Trade Commission (FTC) issued a press release on August 29, 2016, indicating that it is seeking comments on the Standards for Safeguarding Customer Information, applicable to financial institutions.

The Safeguards Rule went into effect in 2003, and requires financial institutions to develop and implement a comprehensive information security program for customer information.

Specifically, the FTC seeks comments on what the economic impact and benefits of the Rule are, possible conflicts between the Rule and other federal or state laws or regulations and how any technological, economic or other industry changes may affect the Rule.

Comments to the Safeguards Rule are open until November 7, 2016, and will be posted on the FTC website.

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