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NAFCU Associate Director of Legislative Affairs Janelle Relfe shared the association's newly published data privacy principles with lawmakers ahead of today's Senate Commerce Committee hearing to examine legislative proposals to protect consumer data privacy. Last week, Democrats on the committee unveiled a comprehensive data privacy and security proposal, which include new data security protections and enforcement and accountability measures.

NAFCU Tuesday unveiled the six data privacy principles in a new white paper, emphasizing the need "for a comprehensive federal data privacy standard that protects consumers, harmonizes existing federal data privacy laws, and preempts state privacy laws." Also included in the paper is a deep dive into current privacy laws that have impacted credit unions, including the European Union's General Data Protection Regulation and the California Consumer Privacy Act.

NAFCU has previously urged lawmakers to consider a national data security standard for institutions that collect and store consumer information and shared the association's recommendation of a national standard for data privacy to ensure consistency throughout the country and address an emerging patchwork of state laws. A recent NAFCU Compliance Blog post reviews the requirements of the California Consumer Privacy Act to help covered credit unions comply with the law.

As a leader in calling for national data security standards, NAFCU has myriad resources, in addition to the white paper, available to ensure credit unions can effectively identify and address cybersecurity concerns. The Association will monitor the hearing for any issues that may affect credit unions.

Today's hearing is set to begin at 10 a.m. Eastern; a livestream is available.