FTC Safeguards Rule Deadline Extended Six Months

 • Dealers & Financial Institutions Must Comply by June 9, 2023

November 15, the Federal Trade Commission (FTC) announced that the deadline to comply with updates to the Safeguards Rule is now pushed back by six months, to June 9, 2023. Originally, businesses had to comply with the updated Safeguards Rule by December 9 of this year, however, the FTC extended the deadline to allow businesses additional time to come into compliance. Click here to read the release from the FTC.

The updated Safeguard Rule requires non-banking institutions, including MRAA members, to develop, implement and maintain a comprehensive security program to keep their customers’ information safe. Although you now have more time to make these changes at your business, we suggest you start sooner rather than later due to the complexity of the regulations.

The MRAA has been working extensively with industry partners and Education Champions such as 700Credit and Dealer Profit Services to provide tools and information to MRAA members to assist with compliance. To help your dealership complete the necessary procedures and steps required for compliancy, the MRAA December Spotlight page on MRAA.com will focus solely on the updated Safeguards.

In the meantime, one resource dealers can tap into is the free, 30-minute 700Credit webinar where you will learn about:

• The provisions that have a new compliance deadline

• Which provisions you must still follow by December 9, 2022

• What your strategy should be going forward

With the good news that the deadline for enforcement of the updated provisions are being extended, you now have the opportunity to evaluate your readiness and take steps to protect your business before the busy summer season.