WASHINGTON—Credit unions strongly support the enactment of a national data security and privacy law with robust security standards that is preemptive of state laws, CUNA wrote to a House Energy and Commerce subcommittee.
The Subcommittee on Consumer Protection and Commerce conducted a hearing on bipartisan data security and privacy legislation this week.
The CUNA letter comes at the same time NAFCU has raised its objections to such legislation.
“We firmly believe that there can be no data privacy until there is strong data security,” the letter reads. “With that in mind, credit unions strongly support the approach of the bicameral, bipartisan proposal discussed today that would cover all entities that collect consumer information and hold those who jeopardize that data accountable through regulatory enforcement.”
CUNA further argued credit unions and members are adversely affected by lax data security standards at other businesses.
Principles Alignment
The trade group said the proposed legislation aligns with its own data security and privacy principles, which include:
- Keeping the Gramm-Leach-Bliley Act standard intact
- Addressing both data security and privacy through a comprehensive framework
- Including of all entities under Federal Trade Commission jurisdiction in the standard
- Establishing a national standard to avoid the current patchwork of state laws
- Creating enforcement measures to address the harms that result from privacy and security violations
Difficult to Pass
As CUToday.info reported, NAFCU VP-Legislative Affairs Brad Thaler believes there is little chance for the legislation passing in 2022. “It’s late in the year to try to get an agreement and to get anything done on this issue,” he said.
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