The Small Business Administration Office of Advocacy has joined auto industry groups in petitioning the Federal Trade Commission to give financial institutions and dealerships another year to meet the revamped Safeguards Rule as the compliance deadline nears.
Following a rule-making process dating to 2019, the FTC in October 2021 voted 3-2 to update the Safeguards Rule. The agency gave businesses until Dec. 9, 2022, to comply with the revised regulations, which are an element of the Gramm-Leach-Bliley Act governing consumer information security.
"While preserving the flexibility of the original Safeguards Rule, the revised Rule provides more concrete guidance for businesses," the FTC wrote in a May guide for companies. "It reflects core data security principles that all covered companies need to implement."
The National Automobile Dealers Association, auto lender trade group American Financial Services Association, credit bureau org…