SACRAMENTO, Calif.—California attorney general Xavier Becerra has released proposed regulations to implement the California Consumer Privacy Act (CCPA) related to number of issues, including notices and consumer requests.
The CCPA, which was previously enacted in June 2018, is currently set to go into effect on Jan. 1, 2020. It applies to any credit union with members in California, regardless of whether the CU is headquartered in the state.
Additionally, Becerra noted compliance costs associated with the regulations from 2020 to 2030 are estimated to total $467 million to more than $16 billion, with compliance costs being the highest in the first 12 months following implementation, NAFCU reported.
‘Start Preparing Now’
“Credit unions doing business in California may want to start preparing now to be in compliance by the Jan. 1, 2020, effective date, as no further legislative clarification on the act is expected this year,” NAFCU said.
Last month, NAFCU, in a joint letter with the United States Chamber of Commerce and other organizations, urged California’s governor, attorney general and members of the state senate and assembly to delay the effective date of the CCPA by two years.
The suggested delay would move the implementation date to Jan. 1, 2022, and "provide sufficient time to resolve ambiguities" within the law, the letter argued.