AFSA to Hold Webinar on New Calif. Privacy Law

AFSA will host a webinar on September 7 about the recently-passed California Consumer Privacy Act of 2018 (AB 375/Chapter 55) and the new requirements for financial institutions doing business in the state. Although the requirements will not take effect until 2020, it is important for companies to consider how the significant changes will affect their relationships with customers.

The push for a new privacy law in California began as a proposed ballot initiative following a series of high profile data breaches and the implementation of the General Data Protection Regulation (GDPR) in Europe. Organizers for the wide-reaching proposed ballot initiative submitted signatures in early May, and the initiative was set to be included on the ballot during the November 2018 midterm elections. The state legislature sought a way to stop the initiative by crafting compromise legislation and passed the bill, contingent on the initiative sponsors withdrawing their proposal. As a result of the deal, AB 375 made its way through the legislature in a matter of days, passing both chambers and getting signed by the governor in a matter of hours, in order to beat the deadline for ballot measures to be withdrawn. The final bill may have been less stringent than the proposed initiative, but it still includes significant new requirements.

AFSA’s webinar, featuring Rick Fischer from Morrison Foerster and Meghan Musselman from Hudson Cook, will look in-depth at the new requirements companies face. Among other requirements, the law gives consumers the right to: learn the categories of personal information that businesses collect, sell, or disclose about them, and to whom information is sold or disclosed; request that a business delete any personal information about the consumer; and opt out of the sale of personal information by a business. The law also creates a private right of action for security breaches.

AFSA members can register for the webinar on AFSA’s website.