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Can you summarize 16 CFR Part 314?
REGULATIONS UNDER SPECIFIC ACTS OF CONGRESS > STANDARDS FOR SAFEGUARDING CUSTOMER INFORMATION
Short Summary
The provided legal document, found in the Code of Federal Regulations under the Federal Trade Commission, establishes standards for safeguarding customer information. It applies to financial institutions, including mortgage lenders, finance companies, collection agencies, and investment advisors, over which the Federal Trade Commission has jurisdiction. The purpose of the document is to ensure the security, confidentiality, and integrity of customer information by requiring financial institutions to develop, implement, and maintain reasonable administrative, technical, and physical safeguards. The document defines various terms related to customer information protection and outlines the requirements for an information security program. It specifies that financial institutions must have an information security program in place and provides guidelines for activities and relationships that define a customer relationship. The document also clarifies the scope of nonpublic personal information and publicly available information. Exemptions are provided for entities subject to the enforcement authority of another regulator. The document does not specify penalties for non-compliance or violations.
Whom does it apply to?
Financial institutions over which the Federal Trade Commission has jurisdiction, including mortgage lenders, finance companies, collection agencies, and investment advisors
What does it govern?
Standards for financial institutions to develop, implement, and maintain reasonable administrative, technical, and physical safeguards to protect the security, confidentiality, and integrity of customer information
What are exemptions?
Entities subject to the enforcement authority of another regulator under section 505 of the Gramm-Leach-Bliley Act
What are the Penalties?
The document does not specify penalties for non-compliance or violations.
Jurisdiction
U.S. Federal Government