The Privacy Police Are Watching

FTC Safeguards

What You Need to Know And How to Comply

⏰ Next Wednesday, November 9^th

In 2003, the Federal Trade Commission’s (FTC) “Standards for Safeguarding Customer Information” – the Safeguards Rule – went into effect to ensure that financial institutions were protecting the safety and security of customer information.

In 2021, the FTC amended the Safeguards Rule and broadened the definition of what constitutes a “financial institution” subject to the rule. Now, organizations that provide services that are “incidental to financial activities” are considered “financial institutions” and must comply with the FTC Safeguards Rule.

How do the FTC Safeguards apply to the repossession industry?
There is no official guidance on whether repossession companies are subject to the FTC Safeguards. However, the scope of the new Rule definitions is broad enough to sweep in entities that work in conjunction with lenders.

So, what does this mean?
Professional repossessors must consider carefully their data privacy practices in light of this renewed regulatory scrutiny. On Wednesday, November 9th at 2 pm CT, ARA and Bassford Remele will provide the industry with educational programming and insights regarding the new Federal Trade Commission’s Rule amendments and what we need to know as an industry to remain in compliance.

Click below to register for our November Webinar! 👇