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California Consumer Privacy Act: Is Your Financial Institution Prepared?

California Consumer Privacy Act: Is Your Financial Institution Prepared?

The CCPA will transform how FIs think about data management and how they use and share customer information.

Boston, December 19, 2019 – With the accelerating digital and technology revolution, business use of personal information has exploded, and with so many recent major data security lapses, individuals worldwide no longer fully trust that private companies are protecting their personal data. They are taking action and are demanding greater transparency and accountability, greater control, and greater rights and protections. January 1, 2020, marks a significant milestone in the U.S. data privacy and security landscape—it’s the date on which the California Consumer Privacy Act, the most comprehensive U.S. data privacy legislation enacted to date, goes into effect.

This report outlines the key provisions within the CCPA, highlights the primary impacts on FIs, and recommends essential actions that FIs should take as they rethink and elevate their data management practices and achieve CCPA compliance. It is based primarily on research of publicly available material on the CCPA.

This 23-page Impact Report contains two tables. Clients of Aite Group’s Fraud & AML service can download this report, the corresponding charts, and the Executive Impact Deck.

Download table of contents