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California AG releases proposed CCPA regs, cost estimate
California attorney general Xavier Becerra last week released proposed regulations to implement the California Consumer Privacy Act (CCPA) regarding a number of issues including notices, consumer requests, and more. The CCPA, which was previously enacted in June 2018, is currently set to go into effect on Jan. 1, 2020.
Additionally, Becerra noted that compliance costs associated with the regulations from 2020 to 2030 are estimated to total $467 million to over $16 billion, with compliance costs being the highest in the first 12 months following implementation.
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.
Last month, NAFCU, in a joint letter with the United States Chamber of Commerce and other organizations representing every sector of the American economy, urged the California Governor, Attorney General and members of the California 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. Still, the California State Legislature passed a number of amendments to the CCPA that would reduce compliance burdens for businesses but did not delay the compliance date.
The association has multiple resources available on privacy laws, including a webinar on CCPA and the future of privacy laws available on-demand. NAFCU members can also access the NAFCU Compliance Monitor edition on the substantive requirements of the GDPR and how they differ from existing U.S. mandates.