New Online Privacy Method for Companies That Offer Services for Children
The Federal Trade Commission (FTC) recently approved a new method for companies, including credit unions, to obtain parental consent pursuant to the Children’s Online Privacy Protection Act (COPPA).
A credit union must comply with the COPPA parental consent provisions if it has an online site or service that is directed at children and it wants to collect personal information from children. COPPA includes several methods of obtaining parental consent and now it contains one more, called “face match to verified photo identification” (FMVPI).
FMVPI is a two-step process involving the parent providing an image of his or her photo identification, which is then authenticated and later used to compare it to a picture taken of the parent.
CLA’s financial institution regulatory compliance team assists banks and credit unions nationwide in establishing regulatory compliance programs, conducting compliance testing, and training staff on regulations. Justin Robinson is a member of CLA’s regulatory compliance team and can be reached at justin.robinson@CLAconnect.com.
Comments are closed.