Company: BPOPM
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0001193125-25-043848
Chunk: 68

Company: POPULAR, INC.
Filing Date: 2025-03-03
Form: 10-K
Item: Item 5
Chunk 68
---
 or
modified their data breach notification
and data 
privacy
requirements. The
California Consumer
Privacy Act
(“CCPA”)
imposes privacy
compliance obligations
with regard
to
the 
collection,
use
and
disclosure of
personal
information of
California residents,
and the
November 2020
amendment to
the
CCPA 
creates the California Privacy Protection Agency, a watchdog privacy agency, and further expands the scope of businesses covered 
by the law
and certain rights relating
to personal information. The
substantive obligations under the
2020 amendment to the
CCPA 
became effective
on January
1, 2023.
In European
Union, the
General Data
Protection Regulation heightens
privacy compliance 
obligations
and
imposes
strict
standards
for
reporting
data
breaches.
We
expect
this
trend
to
continue
and
are
continually 
monitoring developments in the jurisdictions in which
we operate. 
See
“Puerto
Rico
Regulation”
below
for
a
description
of
legislations
and
regulations
on
information
privacy
and 
cybersecurity in Puerto Rico. 
Climate-Related and ESG Developments 
In
recent
years,
federal,
state
and
international
lawmakers
and
regulators
have
increased
their
focus
on
financial 
institutions’
and
other
companies’
risk
oversight,
disclosures
and
practices
in
connection
with
climate
change
and
other 
environmental, social and
governance (“ESG”) matters.
For example,
on October
24, 2023, the
Federal Reserve, FDIC,
and OCC 
finalized
interagency
guidance
on
principles
for
climate-related
financial
risk
management
applicable
to
regulated
financial 
institutions with more
than $100 billion
in total consolidated
assets. The principles
are intended to
support efforts by
large financial 
institutions to
focus on key
aspects of climate-related
financial risk management
and cover six
areas: (1)
governance; (2) policies, 
procedures,
and
limits; (3)
strategic planning;
(4)
risk
management; (5