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Home » Store » News » New CA Privacy Law Could Prompt Congress to Widen FCRA Debate

New CA Privacy Law Could Prompt Congress to Widen FCRA Debate

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The recent enactment of consumer privacy legislation in California has raised fears among mortgage industry groups in Washington that Congress might seek equally tough privacy protections in exchange for renewing federal preemption under the Fair Credit Reporting Act. Signed into law on Aug. 27, California’s Financial Information Privacy Act, or S.B. 1, requires lenders to obtain a customer’s written consent to be able to share the customer’s information with nonaffiliated companies.
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