Financial Cos. Face A New Normal Under State Privacy Laws

Morrison & Foerster’s Kristen Mathews and Adam Fleisher authored an article for Law360 that covers compliance obligations for financial institutions under the California Consumer Privacy Act (CCPA).

“Financial institutions do receive some relief thanks to what the law describes as an exemption for ‘personal information collected, processed, sold, or disclosed under the federal Gramm-Leach-Billey Act (GLBA),’” Kristen and Adam wrote. “But just a cursory review of the GLBA reveals a shorter reach than the CCPA…[and] financial institutions will have to consider their obligations carefully by analyzing three buckets: people, activities, and information.”

They add that while business interest groups continue to press for comprehensive federal legislation to address emerging state legislation, “for now, financial institutions must get ready for the CCPA and possibly other state consumer privacy laws.”