Back in February I asked "Will the FTC Finally Review its Standards for Safeguarding Customer Financial Information?" As of yesterday, the answer is "yes".
By way of reminder, the question is whether the FTC will update its existing Standards for Safeguarding Customer Information. Those Standards implement the Safeguards Rule of the Gramm-Leach-Bliley Act, which requires certain companies that process customer financial information to ensure that the information is kept secure. The FTC normally aims to update regulations every 10 years, but due to several delays, the FTC's Standards are now almost 13 years old.
In the meantime, the world has moved on. Just to state some obvious examples, we now have nifty things like smartphones and, oh, you know, fintech. The FTC's obviously taken note:
The FTC seeks comments on a number of questions, including the economic impact and benefits of the Rule; possible conflict between the Rule and state, local or other federal laws or regulations; and the effect on the Rule of any technological, economic or other industry changes.