Newsroom
Compliance Blog tackles CCPA requirements for CUs
NAFCU Senior Regulatory Compliance Counsel Elizabeth LaBerge details the requirements and proposed regulations of the California Consumer Privacy Act (CCPA) in a new post on the Compliance Blog. The CCPA, which was enacted in 2018, is set to take effect Jan. 1, 2020.
"After the CCPA was passed, at least twenty amendments to address ambiguities, technical problems, drafting errors and substantive changes were considered before the California Legislature went into recess for the last time in 2019," notes LaBerge. "Eight of these amendments were passed."
NAFCU, in a joint letter with the United States Chamber of Commerce and other organizations representing every sector of the American economy, earlier this year urged the California governor, attorney general and members of the California state senate and assembly to delay the effective date of the CCPA by two years.
In the blog, LaBerge highlights the requirements that credit unions would likely be subject to under the CCPA, if they meet the threshold requirements. LaBerge also discusses the proposed regulations, which remain open for comment, highlighting that they do not include specific implementing rules for every piece of the CCPA. NAFCU will submit written comments on the proposed regulations ahead of the Dec. 6 deadline.
A number of congressional hearings have reviewed efforts to establish consumer data privacy standards as lawmakers consider national data security and privacy laws, and NAFCU has previously urged Congress to create uniform standards to prevent confusion stemming from a patchwork of different state laws.
Credit unions doing business in California may want to start preparing now to be in compliance by the effective date, as no further legislative clarification on the act is expected this year.
The association has multiple resources available to help credit unions prepare, including a webinar on CCPA and the future of privacy laws available on-demand. NAFCU members can also access a previous edition of the NAFCU Compliance Monitor on the substantive requirements of the GDPR and how they differ from existing U.S. mandates.
Share This
Related Resources
Add to Calendar 2023-11-30 09:00:00 2023-11-30 09:00:00 Safeguarding Credit Unions with Threat Intelligence Listen On: Key Takeaways: [1:01] What is threat intelligence, and why is it important to CUs? [2:14] What are threat intelligence feeds, and what role do they play in strengthening CUs? [4:41] Leveraging threat feeds and integrating intelligence into tools is crucial. [6:35] Learn what threat CUs should be most concerned about. [7:39] Phishing is ever-evolving, and user awareness is critical. [10:43] Learn how Defense Storm uses feeds to protect its customers. [13:28] Threat intelligence is not as complicated as some think; initiation can be easy through Slack, discussions, and a reporting culture. Web NAFCU digital@nafcu.org America/New_York public
Safeguarding Credit Unions with Threat Intelligence
preferred partner
DefenseStorm
Podcast
Is Bankruptcy the End of the Road for Credit Unions?
Consumer Lending
Blog Post
Add to Calendar 2023-11-28 09:00:00 2023-11-28 09:00:00 Growing Creatively & Innovatively in 2024 Listen On: Key Takeaways: [0:58] What can credit unions do to best prepare themselves for 2024? [2:12] Although he sees a glimmer of hope, Jack points out that the liquidity crisis and slow prepayment speeds hamper rapid recovery. [5:22] We discuss how credit unions seek low loan growth through member-centric strategies such as second mortgages and home improvement lending. [7:34] Credit unions are leveraging advancing technology for member-focused engagement. [9:31] How will technology continue to evolve and affect credit unions? [11:43] What role does AI play in innovative growth? [14:14] Credit unions adopt technology for efficiency, enabling staff to focus on personalized member interactions, especially with younger generations. [17:14] Closing thoughts, emphasizing competition against banks and fintech for younger generations. Web NAFCU digital@nafcu.org America/New_York public
Growing Creatively & Innovatively in 2024
Strategy & Growth, Consumer Lending
preferred partner
Allied Solutions
Podcast
Get daily updates.
Subscribe to NAFCU today.