GDPR: A Sign of What's to Come?
Although the European Union's General Data Protection Regulation - or GDPR - may not be in your credit union's compliance cupboard now, the regulation is taking privacy protection to a new level. In effect since May 2018, GDPR aims to harmonize data privacy laws within the EU. As such, the regulations have raised concerns for domestic credit unions with European clients, offices, and employees.
The regulations treat data privacy as a fundamental right, a sentiment that is gaining traction in the United States. As Jeffery Lauria explains, "Considering GDPR is currently one of the most restrictive data policies in the world, other entities - be they businesses or governments - will look to GDPR as a model to follow."