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YOU HAVE THIRTY DAYS TO CONFESS, AND THE FTC WILL POST IT ON THE INTERNET: The Safeguards Rule Breach Report Non-Bank Lenders Keep Forgetting They Owe
Non-bank lenders operating under the Gramm-Leach-Bliley Act face a critical compliance obligation many overlook: the FTC's Safeguards Rule requires reporting data breaches affecting 500 or more consumers within thirty days of discovery, and every report becomes publicly searchable online. What happens when your incident response plan collides with a mandatory public confession, and how can lenders prepare before the thirty-day clock starts ticking?
Troutman Amin LLP