Credit unions that do business in Massachusetts will have to take extra precautions to ensure that consumer data is protected from identity theft.
That's because on March 1, a new Bay State regulation takes effect that mandates that credit unions and other financial institutions have a written data security plan in place and designate someone responsible for protecting confidential information.
"If credit unions are already complying with the privacy standards set up by the NCUA, they won't have to do more," explained Robert Kimmett, senior vice president of marketing for the Massachusetts Credit Union League.
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