Following a special waiver by the California State Assembly, a previously defeated financial privacy bill authored by Jackie Speier (D-Hillsborough) was reconsidered and approved by the California Assembly Banking Committee. The bill, SB 773, will create an opt-out system for information sharing among affiliated companies and an opt-in system between non-affiliated third parties. The bill will also give customers a right to sue their financial institutions if information is accidentally disclosed. SB 773 received three hearings in the Assembly Banking Committee before the Committee voted 8 to 2 to approve the measure. The bill will now move forward to be heard in the Assembly Judiciary Committee.
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