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Privacy Act of 1974; System of Records
Plain English Summary
The Federal Trade Commission (FTC) is updating its privacy rules to better protect personal information. This change affects how they manage records related to financial fraud and improper payments. Insurance agents should be aware of these updates as they may impact how client information is handled and reported.
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The FTC proposes to modify its Privacy Act system of records notices (SORNs) by adding a routine use to four specific SORNs to comply with Executive Order 14249, Protecting America's Bank Account Against Fraud, Waste, and Abuse, and OMB Memorandum M-25-32, Preventing Improper Payments and Protecting Privacy Through Do Not Pay. The FTC is also separately making technical changes to three of these SORNs.