Current laws and examination practices ensure that credit unions members private information is properly protected, CUNA wrote Tuesday to the Senate Commerce Committee. CUNA’s letter was sent to committee leadership for the record its hearing on safeguards protecting consumer data privacy.
“Privacy and the use consumers’ personal information is likely to a major issue for technology, fintech and other companies moving forward. Any consideration of a national privacy legislation should also include serious discussion on data security and breach notification,” wrote CUNA President/CEO Jim Nussle. “Keeping information secure should be the top priority as stolen information circumvents any law or regulation prescribing how information can be used.”
Nussle also detailed the current data protection requirements facing credit unions, which includes Bank Secrecy Act laws that require the collection of information from account holders and federal or state examinations.