The majority of Americans are growing more concerned about how companies and the government collect and use their personal information, according to a recent survey by Pew Research Center. Eight in 10 consumers believe that the potential risks of data collection overshadow any potential benefits.
This sentiment is not surprising, given the data breaches that have occurred over the last few years. To increase individuals’ privacy rights, legislators passed the California Consumer Privacy Act bill (CCPA) in 2018. The law became effective Jan. 1, although enforcement begins July 1, 2020. This will give companies adequate time to comply with CCPA requirements. It’s likely that other states will follow California’s lead with their own privacy laws in the near future.The law is good news for consumers, because it allows them to have more control over their personal information and guard against identity theft. It also requires businesses to become more transparent and disclose what information they collect and why, including not being able to sell such information without consumers’ consent.
How the Law Works
CCPA gives California residents the right to:
- Understand what personal information is collected.
- Obtain access to the collected information.
- Know if their personal information is for sale, and object to its sale.
- Request a business delete personal information about them. There are many exceptions to this, based on whether or not a business needs certain information to conduct business with a consumer.
- Expect nondiscrimination for exercising their privacy rights.
How Your Credit Union Protects You
Like many other financial institutions, we adhere to the Gramm-Leach-Bliley Act and the California Financial Information Act. In most cases, the personal information we collect remains exempt from the CCPA because we already have strict privacy guidelines in place to protect your information when using it to provide you with a financial product or service.
How Companies Must Comply
We Will Never Sell Your Information
We have always understood the importance of protecting your personal information, which we would never sell to other companies. We only share information with unaffiliated companies required under our banking relationship for legitimate business purposes, such as ordering checks.
We Keep Security Top of Mind
To protect your personal information, we use security measures that comply with federal and state law, including computer safeguards and secured files and buildings. Every teammember understands and complies with these security measures.