Information Security Laws Require Brokers and Lenders to Implement a Plan

State and federal regulators have recently increased enforcement actions against mortgage brokers and nonbank lenders that fail to comply with the Gramm–Leach–Bliley Act (GLBA) and the Federal Trade Commission (FTC) Safeguards Rule. The FTC’s updated Safeguards Rule requires all financial institutions–including mortgage brokers and lenders to implement a written information security program. While GLBA applies…

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