WASHINGTON—NAFCU and CUNA have joined with bank trade groups in a letter to the Uniform Law Commission (ULC) about the Gramm-Leach-Bliley Act (GLBA). In the letter the organizations request that the drafting committee, created by the ULC to create a uniform data privacy and security law, include an exemption for GLBA-covered financial institutions.
The joint trades’ comment letter is in response to the most recent draft of the proposed Collection and Use of Identifiable Data Act released during the drafting committee’s April meeting. As states consider their own data security and privacy standards, this draft law will serve as an important model to promote a uniform state law, NAFCU said.
“We strongly urge the drafting committee to adopt the proposed language revising the draft act’s GLBA exception so that it is not limited to information subject to the GLBA, but instead exempts entities subject to the GLBA,” the coalition wrote.
Also signing the letter: American Bankers Association, Consumer Bankers Association, Independent Community Bankers Association, and the Securities Industry Financial Markets Association.