Ahead of today’s House Energy and Commerce Subcommittee on Innovation, Data and Commerce markup of three bills, America’s Credit Unions President/CEO Jim Nussle shared suggestions for improving the American Privacy Rights Act discussion draft.
“Credit unions strongly support the idea of a national data security and data privacy regime that includes robust security standards that apply to all who collect or hold personal data, recognizes existing Gramm-Leach-Bliley Act (GLBA) standards and is preemptive of state laws,” wrote Nussle. “We firmly believe that there can be no data privacy until there is strong data security.”
Nussle reiterated the three key tenets the organization believes must be addressed in any new national data privacy law:
- A recognition of the 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.
The organization also joined a letter with the Chamber of Commerce and 13 associations representing a wide variety of businesses and industries, as well as an additional joint letter with six financial services associations, to reiterate that the legislation must recognize financial institutions already adhere to rigorous GLBA data security standards and should not be subject to duplicative new standards. America’s Credit Unions will continue to engage lawmakers on data security and privacy.
