WASHINGTON—Credit unions’ support a strong national data security and privacy standard, the Senate Commerce Committee Subcommittee on Consumer Protection, Product Safety, and Data Security was told this week.
America’s Credit Unions President/CEO Jim Nussle made that point in a letter to the subcommittee.
“Since 2005, there have been more than 18,000 data breaches exposing billions of consumer records,” Nussle stated in the letter. “These breaches have cost credit unions, banks, and the consumers they serve millions of dollars, and have compromised consumers’ privacy, jeopardizing their financial security.”
The letter goes on to state data breaches cause harm to both the credit union and members, who bear the cost as owners of the institution. Nussle further told the committee field of membership restrictions on credit unions can further complicate data breaches, as they can be concentrated to geographic or industry-specific populations.
Three Key Tenets
Nussle concluded by citing three “key tenets” the trade group wants to see in any data privacy legislation:
- A recognition of Gramm-Leach-Bliley Act (GLBA) standards in place for financial institutions and a strong exemption from new burdensome requirements
- A strong federal preemption from the myriad state laws for those in compliance with national privacy and GLBA standards
- Protection from frivolous lawsuits created by a private right of action
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