Looking Ahead to the FTC’s Implementation of the Data Breach Notification Rule for Nonbanking Financial Institutions
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Beginning May 13, 2024, nonbank financial institutions (e.g., auto dealerships, higher education institutions in federal aid programs, mortgage lenders/brokers, tax prep firms, travel agencies) must notify the FTC within 30 days of discovering data breaches involving the nonpublic personal information of 500 or more consumers, complementing the existing Safeguards Rule to enhance oversight of consumer data protection.
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