The California Consumer Privacy Act, which took effect at the beginning of 2020 and has had both regulatory and statutory amendments since then, has been described as “GDPR for California,” and it has effects far beyond the Golden State.
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Privacy issues matter more than ever, especially in light of European and U.S. regulations regarding how consumer information can be aggregated, shared and used to market products and services.
Financial institutions will need to break out of old paradigms and adopt improved information sharing strategies that enable more efficient criminal investigations.
If you’re in one of the states considering legislation like the California Consumer Privacy Act, or something similar, here are three places to start.
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.
From Vermont to California, states are creating a patchwork of data privacy requirements. Complying with them need not be equally piecemeal.