Although the Gramm-Leach-Bliley Act has served the financial services industry well, Congress must work with the administration to finally address consumer data privacy in a meaningful way, CUNA wrote to Senate Banking Committee leadership Wednesday. CUNA sent its letter for the record of the committee’s hearing on data privacy.
“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.
“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,” it adds.
CUNA believes any data privacy legislation must: