
In the first part of this blog, we discussed technology regulation and updates regarding the legislation. With that covered, Part II will focus on what it means for your credit union and how you can prepare for the changes.
How the CCPA Will Change the Competitive Landscape in the US
The CCPA won’t apply to all companies but will apply to a great majority, especially if one of these three thresholds are met:
- Gross annual revenues in excess of $25 million
- Buys, receives, sells or shares the PII of 50,000 or more consumers, households or devices for the business’s commercial purpose
- 50% or more of the businesses annual revenue comes from selling consumer’s PII
If any of the above conditions are met, the marketers of the effected company have a great deal of work to do. Especially if they have no business tactic or strategy in place to organize all of their customer specific data. To comply with the CCPA, marketers must be able to organize and develop an efficient data scheme that compiles all of their consumer data. Consumers have the right to:
- Know what PII is being collected regarding them
- Know whether that is being sold and to whom
- Say no to the sale of their PII
- Access their own PII
- Equal service and pay from the company, even if they exercise their own privacy rights and it requires more work to be done on the side of the business