On March 8, BPI submitted a response to the California Attorney General’s request for preliminary rulemaking comments on implementing the California Consumer Privacy Act (“CCPA”). The letter recommends that any rule account for the robust privacy frameworks financial institutions already have in place and focus on protecting information provided to a business by a customer in their personal capacity, consistent with the CCPA’s legislative intent. The letter also calls for a transitional implementation period, with CCPA compliance requirements and enforcement activity beginning no sooner than twelve months after regulatory standards are finalized.
You Might Also Be Interested In...
FinTech & Innovation Distributed Ledger Technology: A Case Study of The Regulatory Approach to Banks’ Use of New Technology
Data Aggregators BPI and TCH Call for Stronger Consumer Financial Data Rules for Aggregators and Big Tech
Security Fool’s Gold: Why the Exceptions to the SEC’s Cyber Disclosure Rule Cannot and Will Not Work, and the Damage that Will Ensue
More Posts by This Author
Basel Finalization The Empire Strikes Back: How the Basel Proposal Would Shift Credit Allocation from the Private Sector to the Government
Consumer Affairs Banks Support National Strategy to Identify Opportunities and Barriers to Financial Inclusion