McGlinchey in the News
Navigating Data Privacy ComplianceRead Time: 1 min
“With the proliferation of technology and how much data is collected on us, every day, by our interactions with websites, with our cell phones, with apps, with all of these other things, and with significant data breaches over the last couple of years, we’ve seen a strong movement towards strengthening some privacy laws in the U.S., both from the federal and the state side. What are your requirements to secure and keep safe the information that is in your possession?”– Aaron Kouhoupt
The landscape of data privacy is changing on the heels of the Federal Trade Commission’s (FTC) amendments to the Gramm-Leach Bliley Act (GLBA) and as states enact their own data privacy laws in an effort to fill gaps not covered by federal laws.
The FTC amended the GLBA and its Safeguards Rule — which went into effect in January — to update rules regarding the protection of consumer information. The amendments focus on how lenders secure consumer financial information and change how they approach compliance with the GLBA. Lenders have until Jan. 2023 to update their compliance procedures.
Aaron Kouhoupt and Paul Lysobey (Cleveland) sat down with Auto Finance News to discuss the landscape of data privacy and what lenders need to know to comply with the changes.
This podcast first appeared in Auto Finance News and is republished with permission. McGlinchey is pleased to serve as the official Compliance partner of Auto Finance Excellence, providing insights and thought leadership through webinars, podcasts, and monthly columns.