Data Privacy and Cybersecurity
America’s Credit Unions advocates for legislation establishing a comprehensive federal data privacy and security standard. Multiple privacy frameworks at the federal and state levels create unnecessary compliance burdens for credit unions and generate confusion for consumers about the applicability of disclosures and the extent of their rights.
There are three key tenets that credit unions believe must be addressed in any new national data privacy law: a recognition of Gramm-Leach-Bliley Act (GLBA) standards in place for financial institutions and a strong exemption from new burdensome requirements; a strong federal preemption from the myriad of various state laws for those in compliance with national privacy and GLBA standards; and protection from frivolous lawsuits created by a private right of action.