On December 6, BPI submitted a letter to the California Attorney General on proposed regulations under the California Consumer Privacy Act (“CCPA”). The letter calls for harmonization of the new rules with the CCPA’s statutory expectations, as well as with the long-standing frameworks banks have built under federal consumer privacy and data security standards. BPI argues that the regulations should take these programs into account to ensure that consumer protections are not unintentionally weakened by companies’ CCPA compliance efforts and proposes a number of amendments to the draft rules that would address these issues. Of note, BPI recommended that the effective date of the regulations be set at least six months after the final rules are published and that the Attorney General should not undertake enforcement actions for conduct that occurs before January 1, 2021.
You Might Also Be Interested In...
AML, Bank Secrecy Act and Sanctions Financial Crime Fighters’ Huge Tech Revamp Is More Urgent Than Ever. Here’s What’s Needed to Finish It
AML, Bank Secrecy Act and Sanctions BPI Recommends Changes to Suspicious Activity Report Sharing Pilot Program to Encourage Participation
AML, Bank Secrecy Act and Sanctions BPI Responds to FinCEN Request for Comment on Renewal of Foreign Financial Agent Transaction Reporting
AML, Bank Secrecy Act and Sanctions BPI Comments on FinCEN Review of Bank Secrecy Act Regulations and Guidance
AML, Bank Secrecy Act and Sanctions BPI Supports FinCEN Effort to Stem Shell-Company-Enabled Money Laundering
AML, Bank Secrecy Act and Sanctions BPI Submits Recommendations to FinCEN as Bureau Implements Beneficial Ownership Changes
More Posts by This Author
Digital Assets BPI Comments on Treasury Department Review of Digital Assets in Response to Executive Order
Community Reinvestment Act BPI Comments on Federal Banking Agencies’ Community Reinvestment Act Proposal
Bank Liquidity The Bank of England Just Released Its Plan for Getting Smaller. The Fed Could Learn from it.