The Consumer Financial Protection Bureau (CFPB) released a report examining federal and state-level privacy protections for consumers’ financial data. The report explores whether consumer financial data is sufficiently protected, given new business models from banks and other financial institutions that make money from the use of this data.
Under the California Consumer Privacy Act (CCPA), financial institutions are not fully exempt, but data regulated under the Gramm-Leach-Bliley Act (GLBA) and California Financial Information Privacy Act (CFIPA) is excluded from CCPA requirements. Specifically, Cal. Civil Code §1798.145(e) states that “personal information collected, processed, sold, or disclosed subject to [GLBA] or [CFIPA]” is not subject to CCPA standards.
The California and Nevada Credit Union Leagues firmly oppose the CFPB’s assertion suggesting that exemptions in state data privacy laws, like those under CCPA, leave consumers at greater risk. There is no sufficient evidence from the CFPB demonstrating that existing protections, including those under the GLBA, are inadequate in safeguarding consumer financial data. Credit unions operate under rigorous federal and state privacy laws, which already provide comprehensive protections.
The Leagues will continue advocating to preserve these exemptions, ensuring credit unions can prioritize member service without unnecessary regulatory duplication.
Your League-member benefits include the Compliance Hotline — providing exclusive access to dedicated compliance experts:
Using the above phone number and email address, you can gain access to a knowledgeable team that’s ready to address all your credit union’s compliance inquiries — promptly and efficiently. With the Compliance Hotline, you can proactively respond to impromptu questions and issues by getting clarity and insight on technical topics that normally slow you down. We want to help you unlock the full potential of your League membership by leveraging the resources and support you need to navigate the complex world of compliance effortlessly. We’re ALWAYS just a phone call or email away!
Additionally, other League-member compliance resources include:
For more information, email Lisa Quaranta.
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