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NAID Delegation Meets With SEC

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On April 30th, a NAID delegation met by invitation with members of the task force at the Security and Exchange Commission (SEC) to provide counsel regarding the information destruction requirement proposed by the regulatory body a couple of months ago.

The invitation stemmed from the quality of NAID’s written submission to the SEC and NAID’s involvement with the Federal Trade Commission (FTC) during the rulemaking period for the Final Disposal Rule in the Fair and Accurate Credit Transaction Act (FACTA).

Unlike the FTC’s Final Disposal Rule, which covers only information related to credit reports, the SEC proposed destruction requirement covers all personally identifying information and features an expanded definition of what that includes.

While NAID would still prefer a comprehensive national destruction requirement be created, it is happy to see that the country’s regulatory bodies and state’s Attorney’s General are stepping into the breach to do what they can in the absence of a unified law.