What your credit union needs to know about the GDPR and why it needs to know it

One of the toughest questions I’ve dealt with since I’ve been with the Association is this seemingly straight forward one: Does my credit union have to comply with the GDPR and if so, what can we do? Impacted companies must be in compliance by May 18th. Keeping in mind that the opinions that I express belong to me alone and are not intended as a substitute for legal advice from a lawyer of your choosing, the purpose of this blog is to give you some further thoughts on the subject as well as to explain why I think the Facebook fiasco will ultimately make the GDPR more relevant to all of us. I apologize for its length but there’s no way to boil this down to a few paragraphs.

What is the GDPR? The General Data Protection Regulations (GDPR) are landmark requirements promulgated by the European Union, designed to give consumers firm control of their electronic data and give the European Union enhanced authority to impose these requirements beyond its borders. Violators face potentially severe penalties.

 

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