The U.S. Federal Trade Commission announced it will seek comments on proposed amendments to change the Privacy Rule and Safeguards Rule under the Gramm-Leach-Bliley Act. The amendments would put the two rules in line with the changes implemented through the Dodd-Frank Act and FAST Act. The FTC also proposed to expand the definition of financial institutions in both rules to include “finders” that charge fees to match consumers to lenders. The FTC states the notices for comments will be published in the Federal Register shortly. Meanwhile, FTC Chairman Joseph Simons said at the National Association of Attorneys General Winter Meeting the agency “will use every tool available for privacy and data security enforcement.”
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