FTC Sets Wheels in Motion for a Broad Privacy Rule Restricting Data Collection

In recent weeks, the FTC has taken steps toward drafting a new privacy rule. All but one commissioner has endorsed privacy rulemaking, delivering a bipartisan warning that commercial data collection has become so extensive that consumers no longer can make reasoned judgments about exchanging their data for services. A new FTC staff report details concerns about the collection and use of sensitive data, which the agency could cite as evidence for a new rule. This article examines these recent FTC privacy developments, the hurdles to complete a rule and FTC enforcement and compliance issues to watch in 2022, with input from FTC specialists at Alston & Bird, BakerHostetler, Kelley Drye and Morrison & Foerster. See “How Financial Institutions Should Strengthen Their Data Security to Comply With FTC’s Updated Safeguards Rule” (Nov. 17, 2021).

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