FOR IMMEDIATE RELEASE
Credit Union National Association (CUNA) today wrote to the Federal Trade Commission (FTC) in support of amendments to the Safeguards Rule, which requires financial institutions to develop, implement and maintain a comprehensive security program to keep consumer information secure. The FTC is reviewing the Safeguards Rule in light of new privacy and security breaches to ensure financial institutions better protect consumers and provide more certainty for businesses.
CUNA and its credit union members are recommending that the definition of financial institution be broadened as much as possible to maximize consumer protection. Noting that enhanced data security requirements should always help safeguard consumers’ private information.
All federally insured credit unions and banks comply with data security and privacy requirements set forth in the Gramm Leach Bliley Act (“GLBA”) and are examined by federal and state regulators for compliance. However, a myriad of data and privacy laws do not ensure total protection of data from bad actors.
“Strong data security laws will not stop criminals or rogue nation states from attempting to penetrate even the most sophisticated data and cybersecurity defenses,” CUNA Senior Director of Advocacy & Senior Counsel for Payments and Cybersecurity Lance Noggle wrote. “However, American consumers that trust their personal information to businesses deserve the most diligent effort by those businesses and entities to protect this data from theft and misuse.”
CUNA believes that federal data security laws with federal enforcement authority would best equip all business entities and individuals that handle personal information by holding them to the same requirement.
There are currently 115 privately insured credit unions currently subject to the requirements in the FTC’s Safeguards Rule. CUNA maintains that privacy will not have the protection Americans deserve until Congress passes a law with both strong privacy and data security protections that regulates based on the type of information handled or maintained.
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 115 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org. To find your nearest credit union, visit YourMoneyFurther.com.