Many U.S. firms, including credit unions, that do business withEuropean Union customers and citizens/residents now need to dealwith the EU's General Data Protection Regulation, effective May 25,2018.
The GDPR now rules over data protection and privacy for allindividuals within the European Union. It addresses the export ofpersonal data outside and ensures there is a single set of criteriato protect individuals and help companies understand complianceissues when it comes to personally identifiable information.
The GDPR does not specifically contain either the word “citizen”or “resident”, but instead refers to “data subjects” and “naturalpersons.” Some legal experts interpret the regulation as pertainingto the processing of data to anybody, residing anyplace within theEU's legal borders regardless of citizenship.
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Roy Urrico
Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).
