SACRAMENTO, Calif. – Once again, members of the California state legislature killed a bill that would have imposed stricter privacy protection requirements on financial institutions than the Gramm-Leach-Bliley Act. The bill would have prohibited financials from sharing consumers' information with affiliates or third parties unless the consumer "opted in" by giving prior, explicit consent. Gramm-Leach-Bliley requires financials give consumers the opportunity to "opt out" of sharing of confidential information with third parties. It does not block the sharing of information with affiliates.

NOT FOR REPRINT

© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.