FTC Safeguards Rule

From: Anne Gross (AGross@nacubo.org)
Date: Wed Mar 19 2003 - 13:41:37 EST

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    I apologize for not jumping in to this thread sooner, but I wanted to ensure that my information checked out so I didn't add to the confusion. We have tracked down the source of the information coming out of the Department of Education saying that colleges and universities are not subject to the FTC Safeguards rule and talked to both ED and FTC staff.
    Mary Bachinger at NACUBO spoke w/Loretta Garrison, an attorney at FTC about the recent confusion at the Department of Education about the applicability of the GLB safeguards rule to colleges and universities. She confirmed that the safeguard rule does indeed apply to colleges and universities to the extent that they engage in financial activities. Ms. Garrison noted that she has been talking to attorneys at ED and that they are taking to steps to correct their earlier messages to the contrary.
    Mary also spoke with Brian Smith at ED who stated that they were planning on having something in writing available later this week. I will pass that communication on to the list if/when I see it.
    So, as much as we wish it wasn't so, NACUBO stands by our Advisory Report 2003-1 issued in January. It is available on our web site at www.nacubo.org/public_policy/advisory_reports/content.html. Anne
    Anne C. Gross
    Assistant Vice President
    Business, External Affairs, and Research
    NACUBO
    202-861-2544 anne.gross@nacubo.org
    202-861-2583 (fax)
       

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