Deadline Approaching: Complete Your Inaugural FTC Safeguards Board Report By Year’s End!

October 17, 2023

The Federal Trade Commission’s (FTC) Federal Safeguards Rule, can seem very overwhelming. One of the most difficult parts of the Rule is accurately communicating the requirements and progress to the dealership’s governing body. In fact, it’s actually written into the rule that the board of directors or an equivalent governing body of the financial institution must receive an annual report on the status and effectiveness of the institution’s information security program and other material matters relating to Safeguards Rule Compliance 16 CFR §314.4(i).

The broad aspect of the law can oftentimes leave dealers confused: What do I actually need to include in the report? Where should I start?

VADA partner ComplyAuto shares tips to help you deliver your dealer data efficiently!