WASHINGTON—Sen. Thom Tillis (R-NC) emphasized the need for a federal la
w that addresses data breach, data privacy and ownership issues during a recent Senate Banking Committee hearing.
During the hearing, Tillis discussed the potential for the United States to develop an international standard, and a number of other lawmakers asked questions related to the European Union's General Data Protection Regulation (GDPR.
A panel of witnesses generally agreed the U.S. cannot move forward in the data privacy space without first addressing and defining the ownership rights to personal information and noted privacy rights can be established without property rights.
As CUToday.info reported, ahead of the hearing on data privacy rights and data valuation, NAFCU Vice President of Legislative Affairs Brad Thaler urged the committee to consider a national standard for institutions that collect and store consumer information. CUNA has similarly called for similar standards.