Legislators unveiled draft national data privacy legislation Sunday, and America’s Credit Unions is currently analyzing the complete text of the discussion draft. The American Privacy Rights Act was unveiled by House Energy and Commerce Committee Chair Cathy McMorris Rodgers, R-Wash., and Senate Commerce Committee Chair Maria Cantwell, D-Wash.
Credit unions support the enactment of a national data security and data privacy law that includes robust security standards that apply to all who collect or hold personal data and is preemptive of state laws.
Initial analysis of the draft legislation shows some positive aspects for credit unions, including addressing data privacy, preemption of most state laws, but some concerns related to additional reporting requirements and private right of action.
America’s Credit Unions will continue to analyze the language, as well as engage with bill sponsors, other policymakers, leagues, and credit unions on steps going forward.
