Andrew Morris during testimony at the House Committee on Financial Services on June 5, 2025.
During a hearing Thursday of the U.S. House Financial Services Subcommittee on Financial Institutions, credit union leaders emphasized the need for consistent consumer data privacy standards as financial services become increasingly digitized and tech-driven.
Andrew Morris, director of Innovation and Technology at America’s Credit Unions, testified before lawmakers during the hearing titled “Framework for the Future: Reviewing Data Privacy in Today’s Financial System.” He urged Congress to apply uniform data protection standards across all financial service providers, whether traditional institutions or big tech platforms.
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“Credit unions are subject to rigorous privacy and data security standards under the Gramm-Leach-Bliley Act (GLBA), while many non-bank technology firms are not held to the same expectations,” Morris told lawmakers. “Apply consistent expectations for data privacy and security, regardless of whether a company is a credit union, bank or big tech platform.”
The hearing explored the evolving legal framework for financial data privacy, including the GLBA's mandates for consumer protections, transparency and opt-out rights. The Subcommittee also reviewed new legislative proposals, including the Systemic Risk Authority Transparency Act and the Advancing the Mentor Protégé Program for Small Financial Institutions Act, aimed at strengthening both accountability and institutional resilience.
Morris highlighted the unique position of credit unions, noting that “they operate under a cooperative model, where the interests of the institution are directly aligned with those of the members.”
He also stressed that credit unions “have a long-standing tradition of safeguarding member data,” but face growing challenges as third-party data aggregators and fintechs gain wider access to consumer information.
America’s Credit Unions continues to support legislative efforts that enhance data protections “while preserving the ability of community-based institutions to serve members effectively,” Morris added.
The Subcommittee heard from several other witnesses including experts from the Electronic Transactions Association, Cato Institute, Hudson Cook and the Future of Privacy Forum. All participants underscored the importance of modernizing privacy laws to reflect current digital behaviors while ensuring consumers retain meaningful control over their financial data.
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Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
