A dormant consumer financial privacy bill in California is coming to life in the final days of the current session of the state legislature.
An amended California Senate Bill 773, a financial privacy bill introduced by Sen. Jackie Speier, D-San Mateo, and Rep. Joe Nation, D-San Rafael, was discussed during a hearing held by the California Assembly Banking and Finance Committee on Aug. 21. The committee approved it by a 7-4 vote.
The amended bill is still opposed by insurers and must jump through several parliamentary hoops if it is to be fully adopted by the legislature before the session’s Aug. 31 close. But a number of observers say the bill, which failed passage last year and will die if it doesn’t pass this term, stands a better chance of enactment.
This, according to interviews, is because of the amendments and newly won support for the measure from the California Credit Union League, Rancho Cucamonga. The support, says Mark Lowe, a spokesman for CCUL, is due to a new opt-out provision for third-party companies involved in joint marketing agreements.