Kristen Mathews and Adam Fleisher authored an article for Bloomberg Law that covers how financial institutions should prepare to comply with the California Consumer Privacy Act, which goes into effect on January 1, 2020.
“The California Consumer Privacy Act imposes sweeping obligations on a diverse array of businesses, but financial services companies subject to the federal Gramm-Leach-Bliley Act are treated somewhat differently,” Kristen and Adam wrote. “The CCPA’s exception for personal information covered by the GLBA takes the edge off the CCPA for financial institutions with retail clients. However, the CCPA does apply to some personal information that financial institutions routinely handle.”
They advised that “financial services companies that have personal information of individuals who reside in California should consider evaluating the personal information they collect that may be subject to the CCPA, the types of ‘consumers’ they interact with as defined under the CCPA as a result, and what they should start preparing for the new law.”
Read the full article.