The new law all credit unions should watch
Credit unions in all states should be paying close attention to the California Consumer Privacy Act (CCPA) that took effect earlier this month, as it’s likely to lead to many CUs investing significant time and money addressing the data privacy of their members, one analyst is stressing.
Why give the new law attention? The primary reasons, explained NAFCU Senior Regulatory Compliance Counsel Elizabeth LaBerge, is many credit unions outside the Golden State will be affected, and the CCPA will likely influence similar legislation in many other states.
“This goes a lot further than just impacting credit unions in California,” said LaBerge. “This bill applies to anyone who has a California residence and has information floating around in the information ecosystem. That means you could have someone telecommuting or working with you remotely who has a California residence. That could mean you work with a local business that uses a California authorized signer. Maybe you have a few members who moved to California…The protections under the CCPA now apply to them. So this is a lot bigger than just credit unions that have a physical presence in California. This covers a huge number of credit unions within the industry.”
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