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.
Was this article valuable?
Here are more articles you may enjoy.
Acrisure CEO Greg Williams Makes $400M Commitment to Michigan State University 
Hartford: 10-Year Analysis Shows Shifts in Common, Expensive Small-Business Claims 
Owner of Historic Minnesota Resort Charged With Arson, Insurance Fraud 
Baldwin Group to Buy CAC Group for About $1B in Cash and Stock From This Issue
