Technology & Training Improvements Need to Begin Now! On October 27, 2021, the FTC finalized revisions to the Gramm-Leach-Bliley Act (GLBA) Safeguards Rule for the first time since the rule was issued in 2002. The revised rule is effective January 10, 2022, but most provisions are delayed until December 9, 2022.
In its announcement, the FTC specifically names “automobile dealerships” as non-banking financial institutions that fall under the purview of these new revisions. A series of new technical and administrative requirements have been imposed on dealers (see below), with penalties of up to $46,517 per violation.
MADA encourages dealers to review the ComplyAuto webinar and slides linked below, as well as the NADA dealer guide, which was co-authored by Chris Cleveland with ComplyAuto.
Solutions for the Safeguards Rule
Link to the webinar about revised Safeguards Rule compliance requirements, with information about ComplyAuto
Copy of the ComplyAuto slide presentation (contact information is on the last page)