Newsroom

NAFCU joined with several organizations to provide information to the Uniform Law Commission (ULC) about the Gramm-Leach-Bliley Act (GLBA) and request that the drafting committee, created by the ULC to create a uniform data privacy and security law, include an exemption for GLBA-covered financial institutions. NAFCU will continue to monitor the committee's efforts and provide feedback on the drafted laws, both in writing and at meetings, to reflect credit unions' needs on this issue.

The joint trades comment letter is in response to the most recent draft of the proposed Collection and Use of Identifiable Data Act released during the drafting committee’s April meeting. As states consider their own data security and privacy standards, this draft law will serve as an important model to promote a uniform state law. NAFCU has continuously advocated for a national privacy and data security standard so credit unions are not subject to multiple privacy frameworks.

“We strongly urge the drafting committee to adopt the proposed language revising the draft act’s GLBA exception so that it is not limited to information subject to the GLBA, but instead exempts entities subject to the GLBA,” the coalition wrote.

NAFCU is a leader in calling for uniform, national data security and privacy standards. The association has a whitepaper that outlines a set of six key data privacy principles.

Recently, the association urged the California attorney general to exempt credit unions from the state's privacy law – which took effect Jan. 1 – as the industry already complies with the GLBA.

NAFCU will continue to advocate for uniform federal standards – not a patchwork of state privacy laws.