With a new privacy law set to take effect Jan. 1 in California, the American Bankers Association today called on the state’s attorney general to make changes to a set of proposed implementing regulations to help financial institutions comply while ensuring consumer protection. The California Consumer Privacy Act—which was enacted in 2018—substantially changes how companies doing business with California residents must handle their customers’ data.
ABA cautioned that without additional clarity, the regulations “could inadvertently facilitate unauthorized access to a consumer’s personal information.” Among other things, ABA urged the state to revise proposed requirements for verifying requests for personal information, ensure that the CCPA does not apply to a business’s intellectual property; and eliminate new, burdensome and unnecessary requirements related to accepting and responding to consumer requests.
