Financial Institutions Find Some Relief Under the CCPA

Bloomberg Law

05 Dec 2019

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.



Unsolicited e-mails and information sent to Morrison & Foerster will not be considered confidential, may be disclosed to others pursuant to our Privacy Policy, may not receive a response, and do not create an attorney-client relationship with Morrison & Foerster. If you are not already a client of Morrison & Foerster, do not include any confidential information in this message. Also, please note that our attorneys do not seek to practice law in any jurisdiction in which they are not properly authorized to do so.