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Pandemic reveals early winners in digital finance race
2020 was already shaping up to be a busy year and that was before the pandemic hit, OneSpan’s director of global regulations and standards Michael Magrath said.
Mr. Magrath said the COVID-19 pandemic impacted the financial services industry by forcing many institutions to immediately change their service models. While closing branches is nothing new, closing them all at once is. The banks who most successfully adapted tended to be the ones who were proactive in implementing their onboarding capabilities prior to the pandemic as they developed competitive advantages through streamlining various processes. Those who had not addressed these areas had to learn quickly if they hoped to retain business.
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So far, 2021 is shaping up to be an important year for data privacy legislation. In March, Virginia enacted the Consumer Data Protection Act (CDPA) the nation s second comprehensive data privacy law. Dozens of state legislatures are actively considering data privacy bills, with California continuing to ramp up enforcement of the California Consumer Protection Act (CCPA). Meanwhile, with Democrats in control of both the White House and Congress, the prospects of a comprehensive federal data privacy law have increased, and the first data privacy bill introduced in this Congress holds promise as a possible law that could garner bipartisan support. [1]
May 6, 2021 | STATESCOOP
A bill in Florida that could’ve given the state some of the most aggressive consumer data privacy rules in the country will not become law after the state House and state Senate could not agree on a key provision involving the right of individuals to sue companies that mishandle their personal information.
The bill, which had been supported by all but one member of the 120-seat House as well as Gov. Ron DeSantis would have required any company that conducts business in Florida and takes in at least $50 million in annual revenue to disclose to its customers what personal information it collects and how that data is used. It also would’ve given Floridians the right to ask those companies that information, from names and dates of birth to shopping histories, not be collected at all.
Kill bill volume 3? Florida joins Washington and Oklahoma in list of states that attempted and failed to pass data privacy laws
Fearing that it would lead to a flurry of lawsuits for local businesses, the Florida Senate killed a once-promising comprehensive data privacy bill. This comes after comparable bills from Washington state and Oklahoma met a similar fate. Here’s the scoop.
The Florida state House passed a comprehensive California Consumer Protection Act (CCPA)-like consumer data privacy bill with overwhelming support – a rare demonstration of bipartisanship coming out of a notorious swing state late last month. But, on April 30, the proposed law met its fatal blow in the state Senate.