Berger asks Kraninger for FFIEC to lead on data privacy guidance

NAFCU President and CEO Dan Berger, in a letter Thursday, asked CFPB Director and Federal Financial Institutions Examination Council (FFIEC) Chair Kathy Kraninger to provide interagency guidance related to the Gramm-Leach-Bliley Act (GLBA) to help credit unions and other financial institutions comply with data privacy laws.

As the California Consumer Privacy Act (CCPA) took effect earlier this year and other states consider their own data privacy laws, NAFCU has led advocacy efforts for a comprehensive federal data privacy standard and last year developed a detailed white paper outlining six principles to do so.

“NAFCU opposes the application of conflicting state privacy requirements to credit unions as they are already subject to the privacy requirements of the GLBA and serve as responsible stewards of sensitive consumer data,” Berger wrote, adding that the association supports a federal law “that preempts state privacy laws while providing protections to consumers and clarity and consistency for credit unions.”


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