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NAFCU's Thaler outlines data privacy principles, urges national standard ahead of hearing
Ahead of today's Senate Commerce Committee hearing reviewing the need for federal data privacy legislation, NAFCU Vice President of Legislative Affairs Brad Thaler reiterated NAFCU's call for national data privacy and security standards and explained the urgent need to protect consumer information.
In the letter sent Tuesday, Thaler outlined NAFCU’s six data privacy principles for the committee as they work toward protecting consumers' data, which include:
- a comprehensive national data security standard;
- harmonization of existing federal laws;
- delegation of enforcement authority to the appropriate regulator;
- a safe harbor for businesses that take reasonable measures to comply with the privacy standards;
- notice and disclosure requirements that are easily accessible to consumers and do not unduly burden regulated entities; and
- scalable civil penalties for noncompliance imposed by the correct regulator that seek to prevent and remedy consumer injury.
The data privacy principles were developed as part of NAFCU’s data privacy whitepaper, released last year.
Thaler concluded by urging the committee to work “collaboratively with other interested committees in the Senate” in order to find a bill that can advance and receive bipartisan support.
As a leader in calling for a national data security standard, NAFCU has many resources available to ensure credit unions can effectively identify and address cybersecurity concerns. The association is also engaged with the Uniform Law Commission as it works to develop regulations for enterprises that collect and use personal data from their consumers.
The association is committed to helping credit unions stay informed of data privacy initiatives and will monitor the hearing, scheduled to begin at 10 a.m. Eastern. Subscribe to NAFCU Today for the latest updates.