<p>WASHINGTON-In comment letters to the Treasury Department, CUNA and NAFCU urged Congress to add a provision to the Gramm-Leach-Bliley Act (GLBA) of 1999 to pre-empt state privacy laws and wrote that current privacy laws are adequate. Treasury is currently conducting a study of the information sharing practices under GLBA as required by the statute. Concerning the potentially 51 separate laws, NAFCU wrote, “Compliance with a hodgepodge of state privacy laws is burdensome and expensive for credit unions, and these costs are ultimately borne by the member. One uniform privacy standard would cure this problem.” Both groups also argued that current GLBA privacy laws are enough to comply with. CUNA noted that when GLBA was initially considered, groups that supported further protection were heard. “Congress carefully considered these opposing viewpoints and drafted privacy provisions that carefully balance the need for additional privacy protections with the need to allow for continued information sharing to ensure that consumers receive products and services in a cost-efficient manner,” CUNA wrote. Future efforts, CUNA wrote, should come in the form of industry guidelines and standards.</p>

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