Newsroom
New NAFCU issue brief highlights data privacy
NAFCU released a new issue brief on Wednesday detailing what Congress should do to protect Americans and their credit unions from significant data privacy harms, noting that “the current patchwork of state and federal data privacy legislation and regulation is both insufficient to adequately protect any American’s data across the entire economy and unnecessarily burdensome to credit unions and other federally insured financial institutions.”
Instead of the current patchwork, NAFCU’s brief encourages Congress to enact comprehensive federal data privacy legislation that:
· Recognizes the strengths and efficiencies of existing federal data privacy legislation and regulation and fully exempts credit unions and other already federally insured financial institutions from new federal data privacy standards;
· Expressly preempts all state data privacy legislation and regulation;
· Vests exclusive rulemaking and discretionary enforcement authorities in covered entities’ respective primary regulators;
· Requires that all covered entities meet a robust information security standard;
· Requires that all covered entities use uniform, easily-accessible data privacy disclosures; and
· Establishes principles-based compliance safe harbors for covered entities taking reasonable steps to meet their data privacy responsibilities.
In addition, the brief notes that of the five states that have passed comprehensive data privacy legislation, every state except California has fully exempted credit unions based on their compliance with data privacy standards in the Gramm-Leach-Bliley Act.
NAFCU also notes in its brief that the association has reiterated for years “that data practices at insufficiently regulated businesses, including social media companies and uninsured financial technology companies, are rife with significant, avoidable data privacy risks that may cause Americans and their credit unions significant harm.”
NAFCU’s Senior Vice President of Government Affairs Greg Mesack highlighted the key elements of NAFCU’s stance on data privacy in a July letter to the House Committee on Energy and Commerce prior to the committee’s markup of H.R. 8152, the American Data Privacy and Protection Act (ADPPA) and H.R. 3962, the Securing and Enabling Commerce Using Remote and Electronic (SECURE) Notarization Act of 2021.
Read the full issue brief. NAFCU will continue to highlight the importance of data privacy and advocate for stronger data privacy practices to protect credit unions and their members.
Share This
Related Resources
Add to Calendar 2024-03-26 09:00:00 2024-03-26 09:00:00 Ensuring Safety and Soundness with AI Listen On: Key Takeaways: [03:48] The regulators are very focused on fairness in lending especially when it comes to using AI and outside models. The industry is moving very fast. [08:25] Articulating a business use case and how partnering with a Fintech can support it is the first step in having a successful conversation with your board. [10:30] Talk to your account executive at your Fintech and have them help you overcome objections. [15:01] Plan for oversight. It is not set and forget it. Your regulators are going to want to know how you are overseeing that from a 3rd party risk management standpoint. [15:47] Have a handle on your reserves and capacity for lending and start small and grow slowly. Web NAFCU digital@nafcu.org America/New_York public
Ensuring Safety and Soundness with AI
preferred partner
Upstart
Podcast
Help Ease Your Members' Loan Payment Concerns
Planning, Auto Loans, Research
preferred partner
TruStage
Blog Post
The Value of Risk Management in Cybersecurity
preferred partner
DefenseStorm
Video
Add to Calendar 2024-03-13 14:00:00 2024-03-13 14:00:00 Digital Assets in Credit Unions: What Are the AML Risks? The digital asset boom is upon us. Like it or not, you have to deal with it effectively with your members, credit unions are on the frontlines of crypto adoption. Even the NCUA has been providing more and more guidance on different aspects of digital assets. You need to be prepared. How? By understanding the core basics of digital assets (specifically cryptocurrencies) the risks that it poses to credit unions and how you can be better prepared to handle issues when they arise. In this webinar, Understanding the Digital Assets Boom, you’ll focus on the basics of digital assets, a background of cryptocurrencies and types, the regulations that are established and the proposals that are being considered and how to position yourself to understand all of these components and include them in your day-to-day roles. Key Takeaways Comprehend the basics of digital assets including cryptocurrencies Understand currently established regulations and what the future has in store, specifically in 2024 Identify and remediate issues that arise in your credit union Register Now $295 Members | $395 Nonmembers(Additional $50 for USB)One registration gives your entire team access to the live webinar and on-demand recording until March 13, 2025Go to the Online Training Center to access the webinar after purchase » Who Should Attend NCCOs NCRMs Compliance and risk titles Education Credits NCCOs will receive 1.0 CEUs for participating in this webinar NCRMs will recieve 1.0 CEUs for participating in this webinar Web NAFCU digital@nafcu.org America/New_York public
Digital Assets in Credit Unions: What Are the AML Risks?
Credits: NCCO, NCRM
Webinar
Get daily updates.
Subscribe to NAFCU today.