WASHINGTON–The House will hold a hearing on financial privacy on Tuesday, with America’s Credit Unions saying the issue is among its priorities.
The hearing, titled “Updating America’s Financial Privacy Framework for the 21st Century,” will include as witnesses:
- Nathan Taylor, partner, Morrison Foerster
- Clara Kim, senior vice president, Bank Policy Institute
- Steve Boms, executive director, Financial Data and Technology Association
- Jordan Crenshaw, SVP-Technology Engagement Center, U.S. Chamber of Commerce
- Laura MacCleery, senior director, Policy and Advocacy, UnidosUS
‘Actively’ Discussing the Issue
“Ensuring an appropriate, effective data privacy environment is a priority for America’s Credit Unions, and we appreciate Chairman (French) Hill and the House Financial Services Committee focusing on this issue at Tuesday’s hearing,” said Scott Simpson, president and CEO of America’s Credit Unions. “We are actively discussing with our credit union members many of the data privacy issues presented in the various provisions of this discussion draft, including gaps in the Gramm-Leach-Bliley Act.
“Credit unions have several recommendations to ensure bad actors are held accountable, consumers’ sensitive information is protected, and financial institutions are not overly burdened by a patchwork of laws,” Simpson continued in his statement. “We are pleased to see a provision related to preemption of state laws, as we’ve long advocated for a comprehensive national data privacy framework to address this issue, and calls for regulators, including the NCUA, to consider the regulatory impacts of the GLBA’s requirements. We will continue to analyze the committee’s draft legislation to provide constructive feedback in alignment with our principles ahead of the hearing. We look forward to working with lawmakers and our credit union members to advance legislation that strengthens our nation’s data privacy protections without adding significant regulatory burden.”
