CUNA continues its call on Senate to act on a national data security standard
FOR IMMEDIATE RELEASE
December 4, 2019
Credit Union National Association (CUNA) today wrote to the Senate Commerce Committee ahead of its hearing to examine legislative proposals to protect consume data. Credit unions are deeply concerned that Americans’ financial wellness is compromised by inconsistent privacy and security standards applied to businesses that possess, process or transport consumers’ nonpublic personal information (NPI).
“[Credit unions] fear that non-depository institutions, such as data aggregators and other businesses that collect and sell data put Americans’ financial well-being at risk by not protecting the data and by using it in ways that target marginalized communities,” CUNA President/CEO Jim Nussle wrote. “Furthermore, misuse of NPI makes it more difficult for credit unions to deliver necessary financial services to these communities.”
America's credit unions and other financial institutions follow requirements of the Gramm-Leach-Bliley Act (GLBA) and view applying those protections to others a “good first step,” but acknowledges that more should be done.
CUNA supports Committee Chairman Sen. Roger Wicker’s (R-Miss.) draft of the legislative proposals which were covered in Wednesday’s hearing.
“The Chairman’s proposal contains many provisions that would greatly enhance protections for Americans by giving them ownership of their data and requiring the data to be protected from theft and misuse through enhanced data security protection,” Nussle adds.
CUNA is advocating for legislation that would:
- Apply data privacy and data security standards to everyone — all business, institutions and organizations — and hold each link in the transaction journey accountable;
- Create equal expectations and protections by harmonizing inconsistencies through new legislation that protects sensitive information based on the type of information rather than the type of entity that possess it;
- Create a national standard that is the ceiling for requirements;
- Base protections on strong standards that protect data; and
- Safeguard consumer protections by providing mechanisms to address the harms that result from privacy violations and security violations, including data breaches.
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.