Starting December 9, 2022, amendments to the FTC Safeguards Rule require non-banking financial institutions to develop, implement, and maintain a comprehensive security system to keep customer information safe. Motor vehicle dealers constitute a “non-banking financial institution” for purposes of the Rule. It’s critical for dealers to understand how these amendments may apply to their dealership before renewing or signing a new contract with a data security vendor.
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ASSOCIATED LINKS & ARTICLES
A Dealer Guide to the FTC Safeguards Rule (L43) – https://www.nada.org/nada/education-consulting/driven-management-guide/dealer-guide-ftc-safeguards-rule-l43
COMMENTARY: Most dealers aren’t aware of this specific FTC Safeguards Rule https://www.autoremarketing.com/subprime/commentary-most-dealers-arent-aware-ftc-safeguards-rule
Dealerships’ Obligations under the FTC Safeguards Rule Increase and Expand- https://www.dealerlawyer.com/dealerships-obligations-under-the-ftc-safeguards-rule-increase-and-expand/
FTC FACTS FOR BUSINESS – https://www.ftc.gov/system/files/documents/plain-language/bus64-ftcs-privacy-rule-and-auto-dealers-faqs.pdf
314.2 DEFINITIONS https://www.ecfr.gov/current/title-16/chapter-I/subchapter-C/part-314/section-314.2