FTC Approves Amendment to Safeguards Rule
The Federal Trade Commission (“FTC”) has announced new amendments to the Safeguards Rule to go into effect 180 days after publication in the Federal Register. Over the last few years we have reported on amendments to the Safeguards Rule. See, e.g. our Alerts dated Nov. 17, 2021 and Oct. 5, 2022. Notably in 2021 the FTC amended the Safeguards Rule to, among other things, expand the definition of “financial institution” to include entities engaged in activities the Federal Reserve Board determines to be incidental to financial activities, which adds “finders”—companies that bring together...