California Financial Information Privacy Act (California SB-1)

• Expands privacy protections afforded under GLBA and increases disclosure requirements of F.I’s. Grants consumers rights with regards to info sharing.

• Violations: negligent noncompliance is punishable with statutory damages of $2,500 per consumer, up to $500,000/occurrence. Willful non-compliance eliminates the $500,000 cap.

• Must opt in for FI to share data with nonaffiliated parties

• Grants consumers opt out for info sharing between the FI and affiliates not in the same line of business