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New rules for institutions to safeguard consumer personal information
February 09, 2023
Postsecondary institutions will need to comply with some new rules going into effect this summer to protect the privacy and personal information of consumers.
In a February 9 Electronic Announcement, the Department of Education said because postsecondary institutions and third-party servicers must protect student financial information, they must comply with the Gramm-Leach Bliley Act. Specifically, the new rules are part of the Standards for Safeguarding Customer Information (Safeguards Rule), which is part of the Act.
In the announcement, the Department provides a summary of the changes to the GLBA requirements, explains the impacts of the changes on postsecondary institutions, and describes changes to the Department of Education's (Department) enforcement of the GLBA requirements. The Department said institutions should coordinate with their leadership and appropriate staff to implement the requirements in the Final Rule by June 9.