The Massachusetts Legislature is considering a data privacy bill that would force banks, credit unions, and other lenders to implement additional regulations. With technology such an integral part of their operations, the proposed legislation – based on California’s privacy law – could significantly affect the financial industry.
Pierce Atwood attorney Melanie A. Conroy, counsel in the firm’s privacy and litigation practice groups, said that data privacy legislation is supported by both consumer advocates and businesses that would be regulated.
Melanie adds, “You have actually seen a great deal of advocacy for comprehensive consumer protection to be enacted on behalf of the business community. I think that it strongly demonstrates the need for certainty and clarity in this space and also for a very careful legislative process.”
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