Proposition 24, also known as the California Privacy Rights and Enforcement Act of 2020, passed. The new law protects sensitive consumer financial data, allowing consumers to request personal information not be shared; requiring businesses to get permission before collecting data from consumers younger than 16; and requiring businesses to correct data inaccuracies upon request. Prop 24 also creates an agency responsible for enforcing the rules, the California Privacy Protection Agency.
CardLinx Insight:
The provisions passed easily, reflecting rising consumer demand for more control over personal financial data. The CardLinx Association’s groundbreaking industry data transparency principles, published in 2019, are reflected in the new legislation and reflect the current best practices of current CardLinx Member companies. Separately, the US Federal Consumer Protection Bureau announced in October that it’s developing new regulations for consumer privacy, further evidence of a groundswell of demand for privacy measure. With the election complete, market participants should expect additional legislative and regulatory scrutiny over data practices.
Register Now for CardLinx East
“Looking Beyond 2021: The Age of Digital Commerce Post Covid-19”
via Zoom
December 8, 2020
9:00AM – 12:15PM (EST)
Personal and professional lives have been upended, yet industry innovation is in full swing. At this CardLinx Conference hear from leaders as they discuss opportunities presented since the pandemic began, including: Online-only card-linked offers that drive e-commerce spending; the convergence of ecommerce and brick-and-mortar shopping to boost consumer satisfaction; and the role delivery is taking in vitalizing merchants large and small.