FTC issues ANPR to ‘crack down’ on harmful commercial surveillance and data security practices
The Federal Trade Commission (FTC) on Thursday announced that it would begin soliciting public feedback through an advance notice of proposed rulemaking (ANPR), in an effort to mitigate harmful commercial surveillance and relaxed data security practices. The FTC defines commercial surveillance as “the business of collecting, analyzing, and profiting from information about people,” calling attention to the increased risks of data breaches, deceptions, and other harms it has caused consumers.
“Firms now collect personal data on individuals at a massive scale and in a stunning array of contexts,” said FTC Chair Lina M. Khan. “The growing digitization of our economy—coupled with business models that can incentivize endless hoovering up of sensitive user data and a vast expansion of how this data is used—means that potentially unlawful practices may be prevalent.”
The agency is seeking public comment related to commercial data collection and use practices, asking for input on whether it should implement new regulations to prevent or deter related consumer harms. The public will have an opportunity to share input during a virtual public forum, hosted by the FTC, on September 8.
The FTC currently lacks the authority to enforce regulations over credit unions. However, the ANPR suggests a rulemaking designed to regulate the collection and use of consumers’ data across the entire economy, and the NAFCU-opposed American Data Privacy and Protection Act (ADPPA), which passed the House Energy and Commerce Committee last month, could soon provide the FTC broad authority to implement and enforce new data privacy and date security standards, including over credit unions.
The association has repeatedly told Congress that any comprehensive legislation must also recognize the robust federal data privacy standards that have been in place for decades, including the Gramm-Leach-Bliley Act (GLBA), and should avoid conflicting or duplicative disclosure requirements by incorporating easy-to-understand language consistent with the GLBA’s disclosure requirements.
NAFCU has long advocated for comprehensive federal data privacy regulation that requires fintechs and other companies to follow the same robust data privacy and data security standards credit unions have followed for decades. NAFCU will be re-releasing its data privacy principles soon. The association will continue to update credit unions via NAFCU Today.
Add to Calendar 2022-09-29 14:00:00 2022-09-29 14:00:00 Coming Soon: CECL This is a deep-dive refresher into the requirements of the Current Expected Credit Losses (CECL) standard. ASC 326 (CECL) is the most significant accounting standard to impact credit unions in many years. Your credit union should be prepared to adopt CECL in 2023 – this will be an effort to make sure you have a sound calculation, appropriate accounting policies and sufficient disclosures. In this Coming Soon: CECL webinar, you’ll get a baseline understanding of the accounting decisions required by the standard, with a focus on those that have tripped up earlier adopters; lessons learned from previous adopters; best practices and key items to consider for your model on a go-forward basis. Key Takeaways Understand requirements of the CECL standard Analyze lessons learned and best practices from previous adopters Evaluate key items to consider for future maintenance of the CECL model(s) Register Now$295 Members | $395 Nonmembers(Additional $50 for USB)One registration gives your entire team access to the live webinar and on-demand recording until September 29, 2023.Go to the Online Training Center to access the webinar after purchase » Who Should Attend Presidents and CEOs CFOs Accounting titles NCRMs Risk titles Education Credits NCRMs will receive 1.0 CEUs for participating in this webinar CPA credit information is below; recommended 1.0 CPE credits. CPA Certification Credit Information Reviewer: Josie Collins, Senior Associate Director of Education, NAFCU Learning Objectives: See key takeaways Program Level: Basic Prerequisites Needed: None Advance Preparation Needed: None Delivery Method: Group Internet-Based Recommended CPE Credits: 1.0 credits Recommended Field of Study: Accounting – Technical About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, DC. Your audio/video feed of the presenters includes presentation slides and downloadable handouts. You can easily submit your questions to the presenters at any time during the live broadcast, with no dialing over the phone! The audio and video stream directly through your computer. Web NAFCU firstname.lastname@example.org America/New_York public
Credits: NCRM, CPE
Get daily updates.
Subscribe to NAFCU today.