A first-in-the-nation ballot initiative would give consumers more control over their personal information, but banks and other companies say that it would amount to a tax on doing business in the Golden State.
It remains to be seen whether Mark Zuckerberg’s testimony on Capitol Hill will prompt lawmakers to move forward on data privacy legislation. But it’s clear that the debate is just getting started — and that banks have a big stake.
Some speculate that the banks who do business with credit reporting agencies may be looking for alternatives after mounting concerns about their ability to keep information private. But breaking up is hard to do.
Bankers would like to take advantage of digital marketing tools that target customers similar to their own, but there are persistent fears that doing so could make financial institutions run afoul of regulatory restraints.
We entrust tech firms with vast amounts of information about our daily lives, with an expectation that they will safeguard it. But have we become too casual in the trust we place with them in exchange for more personalized experience and convenience?