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Credit unions support approach of bipartisan data security, privacy bill

June 13, 2022

Credit unions strongly support the enactment of a national data security and privacy law with robust security standards that is preemptive of state laws, CUNA wrote to a House Energy and Commerce subcommittee Tuesday. The Subcommittee on Consumer Protection and Commerce will conduct a hearing on bipartisan data security and privacy legislation Tuesday.

We firmly believe that there can be no data privacy until there is strong data security,” the letter reads. “With that in mind, credit unions strongly support the approach of the bicameral, bipartisan proposal discussed today that would cover all entities that collect consumer information and hold those who jeopardize that data accountable through regulatory enforcement.”

CUNA also noted that credit unions and members are aversely impacted by lax data security standards at other businesses.

CUNA also noted the bill agrees with its data security and privacy principles, which include:

  • Keeping the Gramm-Leach-Bliley Act standard intact
  • Addressing both data security and privacy through a comprehensive framework
  • Including of all entities under Federal Trade Commission jurisdiction in the standard.
  • Establishing a national standard to avoid the current patchwork of state laws.
  • Creating enforcement measures to address the harms that result from privacy and security violations.