Proposed Rules. Notice of extension of comment period

Agency: Federal Trade Commission
Action: Notice of extension of comment period
Citation: FR Doc. 00-25660 · 16 CFR 313

Summary

The Federal Trade Commission (“Commission” or “FTC”) has extended the time for submitting comments on developing the information safeguards rule that the Commission must issue under section 501(b) of the Gramm-Leach-Bliley Act (the “G-L-B Act” or “Act”).

Dates

Comments must be received on or before October 24, 2000.

Supplementary Information

On September 7, 2000, the FTC sought comment on developing the rule that Section 501(b) of the G-L-B Act requires it to establish for financial institutions subject to its jurisdiction. The Rule will establish standards pertaining to administrative, technical, and physical safeguards for nonpublic customer records and information. (“Safeguard Rule”). 65 FR 54186. As required by the G-L-B Act, the Safeguards Rule will seek to bolster the security and confidentiality of customer records and information, to protect against any anticipated threats or hazards to their security or integrity, and to protect against unauthorized access to or use of such records or information which could result in substantial harm or inconvenience to any customer. The comment period is currently scheduled to close on October 10, 2000. The National Association for Attorneys General has asked that the comment period be extended to enable the Association to consult its members and complete a comment on the Safeguards Rule. The Commission is mindful of the need to develop a proposed Safeguards Rule expeditiously. However, the Commission also is aware that the issues raised are complex and believes that the additional comments that may result justify a short extension of the comment period. Accordingly, the Commission has decided to extend the comment period to October 24, 2000. By Direction of the Commission. Donald S. Clark, Secretary. [FR Doc. 00-25660 Filed 10-5-00; 8:45 am]