NAFCU Senior Regulatory Counsel Elizabeth LaBerge appeared on the Association for Data and Cyber Governance’s U.S. National Privacy Legislation podcast and discussed NAFCU’s involvement in both state and privacy legislative initiatives, as well as the association’s role in the formation of an informal alliance of financial trade associations that meet and share information on this topic biweekly.
Currently, LaBerge noted, the informal group – provisionally called the Financial Services Trade Association Data Protection Working Group (FS Data Protection Working Group) – is working closely with the Uniform Law Commission (ULC) as it drafts a uniform privacy law that state legislatures can adopt.
Earlier this year, the FS Data Protection Working Group sent a letter to the ULC with a request to include an exemption for financial institutions covered by the Gramm-Leach-Bliley Act (GLBA) to reduce the compliance burden on credit unions if the draft act is adopted in their state.
The most recent Collection and Use of Personally Identifiable Data Act draft included the GLBA exemption and was read by its drafting committee during the ULC’s NAFCU-attended September livestream meeting. Before the ULC adopts a model act for states to consider, a draft act must have two readings; the September reading was Collection and Use of Personally Identifiable Data Act’s first.
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