WASHINGTON—The Federal Trade Commission (FTC) is being urged to slow down its data privacy-related rulemaking efforts while also omitting credit unions from the guidance.
Both CUNA and NAFCU sent letters to the FTC in response to the Commission’s Advance Notice of Proposed Rulemaking on commercial surveillance and data security.
In its letter, NAFCU advised the commission to “abstain from all further data privacy-related rulemaking efforts until Congress passes the comprehensive federal data privacy legislation necessary to meet the challenges of the contemporary data privacy risk environment.”
In addition to urging the commission to refrain from rulemaking on this issue, NAFCU reiterated its position that the NCUA should be credit unions’ primary data privacy regulator. Though the NCUA oversees federal credit unions’ compliance with the GLBA, the FTC oversees GLBA compliance at state-chartered credit unions that are not federally insured.
CUNA’s Comment
CUNA told the FTC is strongly supports the enactment of a comprehensive national data security and data privacy standard, but rules are already in place for credit unions.
“Credit unions strongly support the enactment of a comprehensive national data security and data privacy standard that includes robust security requirements that apply to all who collect or hold personal data and is preemptive of state laws,” the CUNA letter reads. “We firmly believe there can be no data privacy until there is data security. Securing and protecting consumer data is important not only for consumers’ individual financial health but as a further safeguard against rogue international agents and interference by foreign governments.”
CUNA also called on the FTC to exempt credit unions—as followers of Gramm-Leach-Bliley Act (GLBA) standards—from this rulemaking.
‘Rigorous’ Requirements
“Financial institutions comply with a rigorous, comprehensive data security and privacy framework and, in fact, compliance is an element of fundamental safety and soundness for the overall banking system,” it reads. “Additionally, it must not be overlooked that the financial industry is the only sector subject to ongoing examination to ensure compliance with these security and privacy standards.”
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