Because some of you did speak up to your state-government representatives, Californians may be on the verge of regaining a key bit of privacy in how big companies handle their personal financial information.
Earlier this week, the state Assembly Banking and Finance Committee reversed an earlier vote and passed SB 773, which would prohibit financial institutions not to peddle or share data with third parties without customers’ permission. And customers could tell them not to share data with affiliate companies or business units.
If the legislation makes it through two more committees and gets the governor’s signature, California will take the national lead on privacy. That will be a proud day.
The bill’s sponsor, state Sen. Jackie Speier, D-Hillsborough, told the San Francisco Chronicle that vocal public support for the bill made the difference in the committee. If your call or letter helped make this happen, pat yourself on the back.