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.
Add to Calendar 2023-09-22 14:00:00 2023-09-22 14:00:00 Understanding Credit Card Portfolio Sales & Agent Programs Both credit union and bank credit card issuers are under intense pressure from various sources, including competitor innovation, significant internal resource commitments, increasing operating expenses, uncertain regulatory and economic environments and a variety of capital and liquidity constraints. This has led to about 80% of all banks offering credit cards under an ‘agent issuing’ model, where a third-party issues credit cards under the financial institution’s name. While hundreds of credit unions do the same, and interest in this option has increased in the last two years, the majority of credit unions still own and manage this product themselves. Deciding whether this option can meet strategic, financial and member needs can be difficult to untangle. In this webinar, Understanding Credit Card Portfolio Sales & Agent Programs, you’ll delve into the structure of such programs, the financial and risk-profile impacts of such a decision, the contractual commitments required of both parties and discover evaluation tips and processes for any credit union that would like to evaluate this path. Key Takeaways Discover the structure of the agent issuing concept and obligations of both parties Understand the financial impact of entering such a program to the balance sheet, income statement, and critical performance ratios Ascertain the impacts to members, including both positive and negative possibilities Review the accompanying contractual structures and key considerations Develop an evaluation process that best protects the credit union’s financial and other outcomes Register Now $295 Members | $395 Nonmembers(Additional $50 for USB)One registration gives your entire team access to the live webinar and on-demand recording until September 22, 2024.Go to the Online Training Center to access the webinar after purchase » Who Should Attend COOs CFOs NCCOs and compliance titles NCRMs and risk titles General counsel staff Education Credits NCCOs will receive 1.0 CEUs for participating in this webinar NCRMs will recieve 1.0 CEUs for participating in this webinar CPA credit information is below; recommended 1.0 CPE credits. CPA Certification Credit Information Reviewer: Josie Collins, Senior Associate Director of Education, NAFCU Learning Objectives: See key takeaways Program Level: Basic Prerequisites Needed: None Advance Preparation Needed: None Delivery Method: Group Internet-Based Recommended CPE Credits: 1.0 credits Recommended Field of Study: Regulatory Ethics – Technical About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, DC. Your audio/video feed of the presenters includes presentation slides and downloadable handouts. You can easily submit your questions to the presenters at any time during the live broadcast, with no dialing over the phone! The audio and video stream directly through your computer. Web NAFCU firstname.lastname@example.org America/New_York public
Credits: NCCO, NCRM, CPE
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