The NCUA should look internally for ways to better protect credit union members' data, rather than impose a new rule, according to NAFCU Director of Regulatory Affairs Alicia Nealon.
Nealon's statement was made in response to NCUA Board Chairman Debbie Matz floating the possibility of a proposed data encryption rule after an agency examiner lost a thumb drive with personal credit union member information.
"Credit unions must already follow stringent data security and privacy requirements, and they have a strong track record of regulatory compliance with these requirements. Credit unions also constantly strive to implement the highest safeguards for their members data," Nealon said Wednesday.
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