WASHINGTON—Ahead of the Senate Banking Committee hearing on data privacy rights and data valuation, NAFCU Vice President of Legislative Affairs Brad Thaler urged lawmakers to consider a national data security standard for institutions that collects and stores consumer information.
In addition, Thaler recommended a national standard for data privacy to ensure consistency throughout the country.
"While depository institutions have had a national standard on data security since the passage of the Gramm-Leach-Bliley Act (GLBA) over two decades ago, other entities who handle consumer financial data do not have such a national standard," wrote Thaler. "Along those same lines, we also believe that there is a need for a uniform national consumer data privacy standard as opposed to a patchwork of standards stemming from different state data privacy laws."
In the letter, Thaler also recommended the Senate Banking Committee work collaboratively with other committees and task forces in the Senate so they can more easily find a proper package that will receive bipartisan support. Thaler also wrote a letter to the House Financial Services Task Force on Artificial Intelligence pushing for a national data security standard earlier this month.