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.
AIG’s Zaffino: Outcomes From AI Use Went From ‘Aspirational’ to ‘Beyond Expectations’ 
CFC Owners Said to Tap Banks for Sale, IPO of £5 Billion Insurer 
Insurify Starts App With ChatGPT to Allow Consumers to Shop for Insurance 
Preparing for an AI Native Future From This Issue
