California Privacy Bill Brings New Twist to FCRA Renewal Debate
August 25, 2003
The California Senate last week approved financial privacy legislation that could cloud mortgage industry efforts to extend expiring federal preemption provisions in the federal Fair Credit Reporting Act. The California bill, S.B. 1, creates a conflict with an FCRA provision which allows consumers, in some limited instances, to opt out of information-sharing arrangements among affiliates and prevents states from restricting the sharing of customer information.