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Privacy Regs Put Pressure on FIs & Finserv Organizations

The California Consumer Privacy Act requires organizations to be more transparent.

New online privacy regs impacting CUs.

Recently, the California legislature presented and ratified the California Consumer Privacy Act of 2018, which provides new rights to consumers and aims to deliver transparency over personal data use.

The law, AB 375, gives consumers the right to ask businesses for the types of personally identifiable information collected. It also requires businesses to divulge the purpose for amassing or selling information as well as the third-party entities receiving the data. The law also forbids peddling children’s’ personal data for those 13 and 16 years unless they specifically opt in, or those under 13 without a parent or guardian’s consent.

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Roy Urrico

Roy Urrico

Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).

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