FTC SAFEGUARDS RULE: COMMIT TO COMPLIANCE
Now is the Time to Understand it so You Can Proceed and Implement the Necessary Steps to be Compliant
As a marine dealer operating in the United States, it’s important that you are in compliance with the federal rules and regulations that apply to your business. However, compliancy is not something that just check off your “to do” list and let it take care of itself. No, instead it’s an ongoing dealership process through which you’re continually working to demonstrate a good-faith effort to be compliant.
In fact, because rules and regulations often evolve, your dealership needs to remain flexible and may need to adapt certain processes you have in place to ensure your business remains in compliance. A perfect example of updated regulations is the Federal Trade Commission Safeguards Rule. Certain parameters went into effect for your business on January 10. Others were set to be enforced on Dec. 9 of this year. However, these latest provisions were recently extended to June 9, 2023. What does this mean to you? It means you have the next six months to find deficiencies with your current processes. You want to do this to avoid risk of fines for being non compliant.
We’ve compiled some resources to help your team to achieve compliance in order to protect your business, employees and customers. We’ve partnered with two of the best in 700Credit and Dealer Profit Services to help you identify gaps you need to fill and the steps you need to install in order to show a good faith effort and, ultimately, reach compliance with the Safeguards Rule.
The MRAA Guide to Creating a Compliance Process
by Myril Shaw, Dealer Profit Services
MRAA’s “Guide to Creating a Compliance Process,” provided by Education Champion Dealer Profit Services’ Myril Shaw, is a 30-plus page in-depth publication free for MRAA Members to ensure that marine retailers have the information, tools and processes in place to protect their businesses, team and customers.
Is Your Dealership Ready for Training Curriculum Required Under New FTC Safeguards Rule?
by Ken Hill, 700Credit
The Federal Trade Commission’s (FTC) Safeguards Rule requires stricter information security
programs for consumers. This means, as a U.S. marine dealership, you have a heavy task of strengthening your information systems security. Dealerships and financial institutions must implement changes to showcase that they have a system and processes in place to protect their own consumer data. This also includes installing a formal training program for their employees and having third-party audits in place to ensure their entire list of vendors are also following these guidelines.
This free PDF from MRAA Education Champion 700Credit helps you understand what you need to do to ensure your dealership is in compliance.
FTC Safeguards Rule Basic Checklist
With assistance from Dealer Profit Services, 700Credit and ComplyNet, we’ve built this handy checklist that includes 9 critical steps your dealership must take in order to make a good-faith effort to comply with the updated FTC Safeguards Rule.
This MRAA infographic shows that 34 percent of the marine dealers surveyed in a recent MRAA Pulse Report were unaware of the FTC Safeguards Rule and others had no plans to pursue compliance. This page is dedicated to helping dealers – like those unaware of the Safeguards Rule or those that are hung up and need guidance – find the right pathway to compliance.
Free 700Credit Webinars (Recordings) to Help You Understand & Implement a Process at Your Dealership
700Credit has hosted 3 free webinars featuring Adam Cowell, President & General Counsel at ComplyNet, to help explain the FTC Safeguards Rule and the recent extension.
- FTC Safeguards Rule Part 1: Are You Prepared for the New FTC Safeguards Rule?
- FTC Safeguards Rule Part 2: 10 Steps to Navigating the FTC Safeguards Rule Before December 9
- Safeguards Rule Part 3: What the FTC Compliance Deadline Extension Means for Your Dealership
FTC Safeguards Rule Deadline Extended Six Months
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.
Prepare Your Dealership to Satisfy This New FTC Rule
Part of your dealership’s ability to adapt to changing market includes adhering to updated regulations, including those required by the FTC Safeguards Rule.