SEATTLE — After a data breach, the finger of blame unfairly gets pointed at credit unions, which are, as a whole, doing a good job protecting member privacy, said Dillon Shea, NAFCU associate director of legislative affairs.
Shea gave NAFCU's perspective on several key pieces of legislation at the African-American CU Coalition's annual meeting, including the Financial Data Protection Act. He said retailer "logistics" are often the culprits behind data breaches.
"It can be frustrating because it ends up looking like credit unions are holding the bag," Shea said.
Recommended For You
Shea also spoke on the divide that banks are trying to create between small and larger CUs on the tax-exemption issue.
"It's a false argument because every single credit union has the same business model–they're all not for profit and are owned by members," Shea said, adding "banks are not suffering at the hands of credit unions," but at the hands of other banks and nontraditional financial outlets.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
