Data Privacy Laws Up for Debate in 2020

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Big data has allowed credit unions and other financial institutions to learn more about their accountholders. However, their effort to provide consumers with more efficient, personalized service has been met with challenges as discussions around data privacy heat up.

With more personal information being used and distributed by so many organizations, federal and many state lawmakers are considering new privacy legislation regarding consumers’ data.

Though no specific national privacy regulation currently exists, any nationwide rules would likely follow the European Union’s General Data Protection Regulation that took effect in 2018 and the California Consumer Privacy Act, which took effect on Jan. 1, 2020. For example, proposals being discussed in the Senate seek to establish guidelines on how companies gather, employ, peddle and share customer data; and provide consumers with the capacity to control their information.