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Jun. 7, 2023

Impact of State Privacy Laws on the Financial Services Sector

  • Vincent Pitaro
    Cybersecurity Law Report
New state privacy laws are challenging financial services companies more than ever to balance their longstanding federal obligations with the new state ones. The states have different carveouts for the Gramm-Leach-Bliley Act (GLBA) that firms must navigate. We offer insights shared by attorneys from Hogan Lovells and in-house counsel for CarMax and Truist at the recent Privacy+Security Forum on key provisions of state privacy laws and the impact and operation of GLBA exemptions, and how the financial services industry is navigating the interplay with new state laws continuing to be introduced. See “CCPA Close-Up: Examining the GLBA Carve-Out and How Financial Institutions Can Evaluate Applicability” (Oct. 9, 2019).

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