The time has come for new federal protections regarding the use and security of data held by all businesses and entities, CUNA wrote to leadership of the Senate Commerce, Science and Transportation Committee Wednesday. The committee conducted a hearing on policy principles for a federal data privacy framework.
“The current gaps in data protection and privacy laws hurt consumers and businesses as information is misused by criminals and other actors with malicious intent. Financial institutions are at the vanguard for misuse of stolen data,” the letter reads. “Although data security is a major issue for credit unions, we realize the problem is much bigger than the financial services industry with robust privacy and data security requirements for all industries becoming increasingly necessary.”
CUNA noted that the cornerstone of any new privacy requirements should be robust data security requirements for business and other entities that collect consumers’ personal information.
“The current patchwork of laws is complex even at the Federal level… Layering additional state laws onto these rules creates complex challenges for compliance which is challenging for the largest of businesses and nearly impossible for smaller businesses,” the letter reads.
CUNA called on Congress to work with the administration to “finally industry to finally address consumer data privacy in a meaningful way,” and stating: