GDPR may impact your CU more than you might think.
Many U.S. credit unions have paid little attention to the European Union General Data Protection Regulation. But these organizations might be surprised to learn that the sweeping regulation can apply even to businesses with no direct operations within the EU.
The GDPR revises the standards for privacy rights, information security and compliance in the EU. It applies to all companies, inside or outside the EU, that access or process data of individuals residing in the EU. The regulation goes beyond the standards set by U.S. regulators. Credit unions must evaluate the GDPR as they would any regulation, taking the time to understand it, identify risks that could require compliance and quantify those risks.
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