The Gramm-Leach-Bliley Act requires financial institutions – companies that offer consumers financial products or services like loans, financial or investment advice, or insurance – to explain their information-sharing practices to their customers and to safeguard sensitive data.
Plain Language Guidance
The Federal Trade Commission (FTC) has developed these FAQs to help automobile dealers comply with the Gramm-Leach-Bliley Act and the FTC’s Safeguards Rule. The following questions and answers discuss the requirements of the Safeguards Rule and apply it to specific situations that automobile dealers may face.
The FTC Safeguards Rule requires covered companies to develop, implement, and maintain an information security program with administrative, technical, and physical safeguards designed to protect customer information. Are you up on what the revised Rule requires?
Auto dealers that extend credit, arrange financing or leasing, or give financial advice must notify customers about the information they collect, who they share it with, and how they protect it. Are you following the rules of the road?
Financial institutions covered by the Gramm-Leach-Bliley Act must tell their customers about their information-sharing practices and explain to customers their right to "opt out" if they don't want their information shared with certain third parties. Is your company following the requirements of the Privacy Rule?
