Proactive advocacy protects credit unions in federal and state data privacy initiatives
Published by: Emily Leite
June 3, 2021 | Government Affairs
It is no secret that your credit union dedicates each day to serving members and advancing communities. That is why your League diligently protects your interests in Columbus and Washington, blocking and tackling concerning initiatives that could threaten the credit union service model. As data governance laws are popping up across the country, and with two data security and privacy bill drafts recently floated in Congress and at the Statehouse, the team is proactively engaged in the conversation to ensure credit union interests are protected before any bills are introduced. Recently, the Office of U.S. Senator Rob Portman (R-OH) and InnovateOhio, led by Lt. Governor Jon Husted, separately reached out to the League to discuss how national and Ohio-specific data privacy and security laws could be crafted to both protect consumers and avoid impacting how credit unions leverage and store sensitive and personal data. By urging both Senator Portman and InnovateOhio to consider the member-owner structure and the well-regulated nature of financial institutions through the Gramm-Leach-Bliley Act, neither bill concept is expected to inhibit how your credit union communicates, interacts, or leverages member data at this time. The League will keep a pulse on both the federal and state data privacy initiatives as they are introduced to ensure Ohio credit unions can continue serving more than three million members without unnecessary or complicating regulation.
Connect with Chief Advocacy Officer Emily Leite for more information on how the federal and state data and privacy initiatives both protect credit union interests.
Contact Emily Leite for questions or assistance.
