The European Union’s General Data Protection Regulation (GDPR) rule will likely have credit unions evaluating just how many members they have in the E.U., while they also need to be talking with vendors about the new law.
The E.U.’s General Data Protection Regulation became effective May 25.
The regulation, which purports to apply to companies anywhere in the world with customers or members living in the E.U., contains provisions and requirements pertaining to the processing of personally identifiable information of individuals. These regulations could potentially apply to U.S. entities that process the personal data of E.U. residents when offering them goods and services, sources say.
Lance Noggle, CUNA senior director of advocacy over payments and cybersecurity, and senior counsel, told CUToday.info that credit unions will have to pay attention to the GDPR, but a lot still needs to be determined as to the extent CUs could be impacted.
“We will have to see how this shakes out,” said Noggle.
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