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 2022-09-29 14:00:00 2022-09-29 14:00:00 Coming Soon: CECL This is a deep-dive refresher into the requirements of the Current Expected Credit Losses (CECL) standard. ASC 326 (CECL) is the most significant accounting standard to impact credit unions in many years. Your credit union should be prepared to adopt CECL in 2023 – this will be an effort to make sure you have a sound calculation, appropriate accounting policies and sufficient disclosures. In this Coming Soon: CECL webinar, you’ll get a baseline understanding of the accounting decisions required by the standard, with a focus on those that have tripped up earlier adopters; lessons learned from previous adopters; best practices and key items to consider for your model on a go-forward basis. Key Takeaways Understand requirements of the CECL standard Analyze lessons learned and best practices from previous adopters Evaluate key items to consider for future maintenance of the CECL model(s) 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 29, 2023.Go to the Online Training Center to access the webinar after purchase » Who Should Attend Presidents and CEOs CFOs Accounting titles NCRMs Risk titles Education Credits NCRMs will receive 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: Accounting – 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: NCRM, CPE
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