SACRAMENTO, Calif. – Financial privacy legislation was passed by the California Assembly Judiciary Committee on August 23 with a “hostile amendment” removed that critics said would have watered down the measure. The bill, SB773, was passed after a two-hour hearing. It is now expected to go to the full Assembly for a vote and if approved, to Gov. Gray Davis who has not indicated whether he will sign it. The legislative session is scheduled to end Aug. 31. “This measure is gaining momentum by the hour,” said state Sen. Jackie Speier, a Democrat who originally authored the bill. “Victory is well within our reach, and today was a critical step in that process.” Speier’s measure has the support of, among others, the California Credit Union League. It is opposed by banks and insurance companies.

Complete your profile to continue reading and get FREE access to, part of your ALM digital membership.

Your access to unlimited content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including and

Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.