WASHINGTON—Four members of Congress have unveiled draft bipartisan data privacy legislation, that seeks to create a comprehensive federal data privacy and security standard, but one CU trade group is objecting to its provisions.
The legislation was introduced by House Energy and Commerce Committee Chairman Frank Pallone (D-NJ), Ranking Member Cathy McMorris Rodgers (R-WA) and Senate Commerce, Science, and Transportation Committee Ranking Member Roger Wicker (R-MI).
“In the coming weeks, we will be working with our colleagues on both sides of the aisle to build support and finalize this standard to give Americans more control over their personal data,” said the bipartisan group of lawmakers.
The legislation would allow consumers to opt-out of targeted advertisements and to sue companies that improperly use or sell their data. It would also bar companies from targeting advertising to children 17 and younger, and from transferring data of children aged 13 to 17 to third parties without their express affirmative consent, NAFCU said.
Support Lacking
“Of note, the bill currently lacks support from Senate Commerce Committee Chairwoman Maria Cantwell (D-WA), who has her own draft bill on data privacy, which differs from her colleagues’ bill in how to prohibit companies from imposing mandatory arbitration on consumers in cases of substantial privacy harm,” NAFCU added. “Without Cantwell’s support, the outlook for the bill in the Senate is uncertain.”
NAFCU further stated in its analysis that at present multiple privacy frameworks at the federal and state levels create “unnecessary compliance burdens for credit unions and generate confusion for consumers regarding the applicability of disclosures and the extent of their rights.”
NAFCU argued the proposed legislation risks complicating matters further as it does not provide a sufficiently broad exemption for credit unions and other financial institutions already subject to robust, time-tested federal data privacy laws.”
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