- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2024-06-07T13:40:00
The state of Texas forecasted “aggressive enforcement” of its upcoming data privacy law with the announcement of a dedicated team to oversee its implementation.
The team “is poised to become among the largest in the country focused on enforcing privacy laws,” said Texas Attorney General Ken Paxton in a press release Tuesday. It will be housed within the Consumer Protection Division of the Office of the Attorney General.
The announcement comes less than a month ahead of the Texas Data Privacy and Security Act taking effect—the state’s version of comprehensive privacy protections for consumers in the absence of a federal law. The act was signed into law in July 2023 and offers consumers the rights to access, correct, delete, and opt out regarding the processing of their personal data.
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Businesses will receive additional time to weigh in on proposed regulations by the California Privacy Protection Agency regarding risk assessments, cybersecurity audits, automated decision-making, and data broker registration before they’re potentially finalized later this year.
The General Data Protection Regulation has been in force for nearly six years. Some industries—and some companies—have been more prone to fall foul of the rules than others.
The Federal Communications Commission fined telecommunications giants T-Mobile, Sprint, AT&T, and Verizon a total of approximately $196 million for allegedly selling customers’ location data to third parties without consent.
Financial institutions holding Russian sovereign assets that have not reported them to the Treasury Department’s Office of Foreign Assets Control are now required to do so by Aug. 2.
Compliance officers should take note of proposed laws in the U.K. with the newly elected Labor government setting the legislative agenda in the King’s Speech last week, promising consultations on enhanced employee rights and a higher minimum wage.
Four federal banking regulators have joined the Treasury Department’s Financial Crimes Enforcement Network in issuing a notice of proposed rulemaking that would require financial institutions to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs.
