MEMBER BULLETIN FTC Deadline Extension

NMEDA needs you! Heed Sam’s counsel and please, get involved.

(see pg. 43 to sign up for a committee, or visit www.nmeda.org/joincommittee).

Though we have shared information on this topic a few times, both here in the Circuit Breaker and in our e-newsletter, the Short Circuit, it’s an important one—so we wanted to get this in front of you once again!

The Federal Trade Commission announced it is extending by six months the deadline for companies to comply with some of the changes the agency implemented to strengthen the data security safeguards financial institutions must put in place to protect their customers’ personal information. The deadline for complying with some of the updated requirements of the Safeguards Rule is now June 9, 2023.

The Safeguards Rule requires non-banking financial institutions, such as mortgage brokers, motor vehicle dealers, and payday lenders, to develop, implement, and maintain a comprehensive security program to keep their customers’ information safe.

If you need assistance complying with this new rule, check out the free toolkit offered by the Texas Independent Automobile Dealers Association available at www.TXIADA.org/safeguards-toolkit