The cornerstone of any new data privacy requirements should be robust data security requirements for entities that collect consumers’ personal information, CUNA wrote to the House Homeland Security subcommittee on investigations Wednesday. CUNA’s letter was submitted for the record of the subcommittee’s Thursday hearing on private sector data breaches.
“Credit unions have met with members of this committee to detail damage to credit unions and their members from data breaches. 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,” it adds.
CUNA also called on Congress to work with the administration to “finally address consumer data privacy in a meaningful way,” and stating:
CUNA reached out last week to all 535 Congressional offices on the need for federal data security and privacy legislation.