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NADA offers seminar on new Safeguards Rule

November 23, 2010
A two-hour seminar to help dealers comply with a new federal regulation on safeguarding customer information will be conducted on the Internet on April 24. Compliance with the new FTC requirement is mandatory beginning May 23. Dealers must develop, implement and maintain a comprehensive written Information Security Program. The "Standards for Safeguarding Customer Information," or Safeguards Rule, is in addition to, yet independent of, the FTC's Privacy Rule, which took effect in 2001. In essence, the Privacy Rule regards how financial institutions, including dealerships, share any information they obtain from consumers who secure or merely apply for financial products or services. The Safeguards Rule addresses how that information is protected. To prepare dealers for the compliance date, NADA attorneys will outline dealer obligations under the Safeguards Rule, including: • designating an Information Security Program coordinator, • conducting a risk assessment, • developing and implementing information safeguards, • overseeing service providers, and • reevaluating the program periodically. Registration is $99. For more information and to register, visit or call 800-252-6232.