The Gramm-Leach-Bliley Act is a federal law that covers financial institutions – including automotive Dealers – and requires them to safeguard sensitive data and explain information practices. This guide summarizes the significant updates the FTC made to the GLBA Safeguards Rule that took effect on June 9, 2023 and the additional amendments that took effect on May 13, 2024.
This information is a summary of the regulations and does not comprehensively describe each requirement under the Rule. Dealers should not view this Guide as legal advice and Dealers should consult with their own legal counsel for more information regarding the Rule amendments.
