Financial institutions that are grappling with how the European Union’s General Data Protection Regulation (“GDPR”)may impact their U.S. operations should also be keeping a close eye on the California Consumer Privacy Act of 2018 (“CCPA”). The CCPA, or Assembly Bill (“AB”) No. 375, which was passed on June 28, 2018 and is set to take effect in 2020, mirrors some GDPR protections by providing California residents greater control over the dissemination of their personal data, including the option of barring companies from selling their data.
Back in 1972, California voters added privacy to the state constitution’s list of inalienable rights. On June 28, 2018, the California Legislature enacted and Governor Brown signed the California Consumer Privacy Act of 2018. The new Privacy Law creates one of the most comprehensive frameworks for regulating digital privacy in the United States.