Letter to FTC: Advocacy Submits Comments to FTC on Standards for Safeguarding Customer Information Highlighting the Potential Economic Impact on Small Entities
The Office of Advocacy of the U.S. Small Business Administration (Advocacy) submits these comments on Federal Trade Commission’s (FTC) notice of proposed rulemaking (NPRM) on Standards for Safeguarding Customer Information.[1] The FTC is proposing to modify its current Standards for Safeguarding Customer Information by adding provisions and expanding the definition of “financial institution.” Advocacy is concerned that the FTC may not fully understand the potential economic impact of this rulemaking on small entities. Advocacy encourages the FTC to maintain the status quo for small entities until it has the data to access fully the potential economic impact on small entities.
[1] 84 Federal Register 13158, April 4, 2019.
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