The NAFCU Journal May-June 2020 - 24

Regulating Privacy

"Data privacy is evolving rapidly globally,"
says Clarke. "Mastercard is continuously
developing ways to help credit unions
use data responsibly to drive benefits and
growth for their members. As a result,
we've learned a number of key things.
First, it's paramount that you understand
data privacy rules, where they apply and
the intent behind them. And second is
understanding how you can create value
for members while always complying
with regulations."
Those regulations are currently something of a moving target. Following
passage of the General Data Protection
Regulation in Europe (GDPR), the
California Consumer Privacy Act
(CCPA) officially went into effect Jan. 1
(with enforcement expected to begin in
July), becoming the most comprehensive data-protection law in U.S. history.
It applies to any business - including
financial institutions - that collects
data from California residents, regardless of where that business is based.
And it is already serving as a model
for other states - including Hawaii,

Maryland, Massachusetts, New
York and South Dakota - that are
drafting their own data privacyrelated legislation.
The CCPA seeks to place restrictions
on some forms of targeted advertising
by improving customers' ability to
opt out of certain data usage. The act
gives California residents a number
of specific rights, including the right
to know what personal information is
being collected about them; to know
whether and how their data is sold;
to prohibit the sale of their data; and
to request access to their personal data.
Additional requirements are still
being debated through a variety of
proposed amendments.
Implicit in the CCPA's stipulations is
the idea that customer data belongs to
the customer and should be protected
as personal property, not treated as
a commodity without the customer's
knowledge. For credit unions, communication is vital to help address members'
questions and concerns regarding data
privacy and protection.

"Tell members that you don't sell the data
and that you're only using the data to
create value-added products, services
and additional convenience for them,"
DeCator advises. "I don't think you can
go wrong being very honest" and spreading that message frequently through
several different channels in your communication strategy.
"Transparency is an obligation to all
members - especially as it relates to
complying with changing privacy laws,"
adds Clarke. "Effective communication involves delivering the right types
of communications that you believe
members would value, enabling them
to get more benefit out of their relationship with the credit union, and helping
to grow your overall relationship. It
not only involves complying with laws,
which is foundational. It also involves
thinking about how you use data and
analytics to get a member the right communication, with a compelling message,
through the right channels."
Robert Bittner is a Michigan-based
freelance journalist.

Index to Advertisers
AdvantEdge
Phone: 888-258-0011
Website: www.advantedgeanalytics.com......................C2
All Oasis
Phone: 888-227-7967
Website: www.ai-oasis.com............................................. 35
Allied
Phone: 800-826-9384
Website: alliedsolutions.net..............................................C4
Amazon Web Services
Website: www.aws.amazon.com/financial-services/.... 5
FIS
Website: www.fisglobal.com/cu...................................... 37

24

LendKey
Website: lendkey.com/lend............................................... 20

Securium
Website: securian.com........................................................ 7

Mastercard
Website: mastercard.com/clicktopay.............................C3

SRM
Website: www.srmcorp.com............................................ 31

NAFCU
Website: nafcu.org/caucus................................................. 9
Website: nafcu.org/compliance-net................................ 17

The Long Group
Phone: 603-424-5664
Website: longgrouponline.com......................................... 11

Open Lending
Website: openlending.com................................................ 41

Triad
Website: www.TriadFS.com.............................................. 33

Pentegra
Phone: 800-872-3473
Website: www.pentegra.com........................................... 28

TruStage
Website: cunamutual.com/TruStage............................... 25
Website: cunamutual.com/Auto....................................... 23

Franklin Madison
Website: franklin-madison.com........................................ 39

PSCU
Phone: 844-367-7728
Website: AdvisorsPlus.com................................................ 2

Gallagher
Website: www.nafcu.org/Gallagher................................ 13

Q2
Website: q2ebanking.com/analytics................................ 43

THE NAFCU JOURNAL  MAY-JUNE 2020


http://www.lendkey.com/lend http://www.securian.com http://www.advantedgeanalytics.com http://www.mastercard.com/clicktopay http://www.srmcorp.com http://www.ai-oasis.com http://www.nafcu.org/caucus http://www.nafcu.org/compliance-net http://www.longgrouponline.com http://www.alliedsolutions.net http://www.openlending.com http://www.TriadFS.com http://www.aws.amazon.com/financial-services/ http://www.cunamutual.com/TruStage http://www.pentegra.com http://www.cunamutual.com/Auto http://www.fisglobal.com/cu http://www.franklin-madison.com http://www.AdvisorsPlus.com http://www.nafcu.org/Gallagher http://www.q2ebanking.com/analytics

The NAFCU Journal May-June 2020

Table of Contents for the Digital Edition of The NAFCU Journal May-June 2020

The NAFCU Journal May-June 2020 - Cover1
The NAFCU Journal May-June 2020 - Cover2
The NAFCU Journal May-June 2020 - 1
The NAFCU Journal May-June 2020 - 2
The NAFCU Journal May-June 2020 - 3
The NAFCU Journal May-June 2020 - 4
The NAFCU Journal May-June 2020 - 5
The NAFCU Journal May-June 2020 - 6
The NAFCU Journal May-June 2020 - 7
The NAFCU Journal May-June 2020 - 8
The NAFCU Journal May-June 2020 - 9
The NAFCU Journal May-June 2020 - 10
The NAFCU Journal May-June 2020 - 11
The NAFCU Journal May-June 2020 - 12
The NAFCU Journal May-June 2020 - 13
The NAFCU Journal May-June 2020 - 14
The NAFCU Journal May-June 2020 - 15
The NAFCU Journal May-June 2020 - 16
The NAFCU Journal May-June 2020 - 17
The NAFCU Journal May-June 2020 - 18
The NAFCU Journal May-June 2020 - 19
The NAFCU Journal May-June 2020 - 20
The NAFCU Journal May-June 2020 - 21
The NAFCU Journal May-June 2020 - 22
The NAFCU Journal May-June 2020 - 23
The NAFCU Journal May-June 2020 - 24
The NAFCU Journal May-June 2020 - 25
The NAFCU Journal May-June 2020 - 26
The NAFCU Journal May-June 2020 - 27
The NAFCU Journal May-June 2020 - 28
The NAFCU Journal May-June 2020 - 29
The NAFCU Journal May-June 2020 - 30
The NAFCU Journal May-June 2020 - 31
The NAFCU Journal May-June 2020 - 32
The NAFCU Journal May-June 2020 - 33
The NAFCU Journal May-June 2020 - 34
The NAFCU Journal May-June 2020 - 35
The NAFCU Journal May-June 2020 - 36
The NAFCU Journal May-June 2020 - 37
The NAFCU Journal May-June 2020 - 38
The NAFCU Journal May-June 2020 - 39
The NAFCU Journal May-June 2020 - 40
The NAFCU Journal May-June 2020 - 41
The NAFCU Journal May-June 2020 - 42
The NAFCU Journal May-June 2020 - 43
The NAFCU Journal May-June 2020 - 44
The NAFCU Journal May-June 2020 - Cover3
The NAFCU Journal May-June 2020 - Cover4
https://www.nxtbook.com/ygsreprints/NAFCU/nafcu_NovemberDecember2020
https://www.nxtbook.com/ygsreprints/NAFCU/nafcu_SeptOct2020
https://www.nxtbook.com/ygsreprints/NAFCU/nafcu_JulAug2020
https://www.nxtbook.com/ygsreprints/NAFCU/nafcu_MayJun2020
https://www.nxtbook.com/ygsreprints/NAFCU/nafcu_MarApr2020
https://www.nxtbook.com/ygsreprints/NAFCU/nafcu_JanFeb2020
https://www.nxtbook.com/ygsreprints/NAFCU/nafcu_NovDec2019
https://www.nxtbook.com/ygsreprints/NAFCU/G109023_nafcu_septoct2019
https://www.nxtbook.com/ygsreprints/NAFCU/G106941_nafcu_julaug2019
https://www.nxtbook.com/ygsreprints/NAFCU/G105388_nafcu_mayjun2019
https://www.nxtbook.com/ygsreprints/NAFCU/G103030_nafcu_marapr2019
https://www.nxtbook.com/ygsreprints/NAFCU/G88665_nafcu_janfeb2019
https://www.nxtbook.com/ygsreprints/NAFCU/G100235_nafcu_novdec2018
https://www.nxtbook.com/ygsreprints/NAFCU/G98517_nafcu_septoct2018
https://www.nxtbook.com/ygsreprints/NAFCU/G96479_nafcu_julaug2018
https://www.nxtbook.com/ygsreprints/NAFCU/G93390_nafcu_mayjune2018
https://www.nxtbook.com/ygsreprints/NAFCU/G90161_nafcu_marapr2018
https://www.nxtbook.com/ygsreprints/NAFCU/G88665_nafcu_janfeb2018
https://www.nxtbook.com/ygsreprints/NAFCU/G83806_nafcu_novdec2017
https://www.nxtbook.com/ygsreprints/NAFCU/G80296_nafcu_septoct2017
https://www.nxtbook.com/ygsreprints/NAFCU/G79086_nafcu_julyaugust2017
https://www.nxtbook.com/ygsreprints/NAFCU/G75911_nafcu_mayjune2017
https://www.nxtbook.com/ygsreprints/NAFCU/G73247_nafcu_marapr2017
https://www.nxtbook.com/ygsreprints/NAFCU/G71923_nafcu_janfeb2017
https://www.nxtbook.com/ygsreprints/NAFCU/G69249_nafcu_novdec2016
https://www.nxtbook.com/ygsreprints/NAFCU/nafcu_septoct2016
https://www.nxtbook.com/ygsreprints/NAFCU/g63853_nafcu_julaug2016
https://www.nxtbook.com/ygsreprints/NAFCU/g61005_nafcu_mayjun2016
https://www.nxtbook.com/ygsreprints/NAFCU/g58935_nafcu_marapr2016
https://www.nxtbook.com/ygsreprints/NAFCU/g56716_nafcu_janfeb2016
https://www.nxtbook.com/ygsreprints/NAFCU/g55605_nafcu_novdec2015
https://www.nxtbook.com/ygsreprints/NAFCU/g53582_nafcu_sepoct2015
https://www.nxtbook.com/ygsreprints/NAFCU/g52154_nafcu_july2015
https://www.nxtbook.com/ygsreprints/NAFCU/g50302_nafcu_mayjune2015
https://www.nxtbook.com/ygsreprints/NAFCU/g48554_nafcu_marapr2015
https://www.nxtbook.com/ygsreprints/NAFCU/g47118_nafcu_janfeb15
https://www.nxtbook.com/ygsreprints/NAFCU/g45886_nafcu_novdec2014
https://www.nxtbook.com/ygsreprints/NAFCU/g44155_nafcu_sepoct2014
https://www.nxtbook.com/ygsreprints/NAFCU/g42892_nafcu_julyaug2014
https://www.nxtbook.com/ygsreprints/NAFCU/g41296_nafcu_mayjun2014
https://www.nxtbook.com/ygsreprints/NAFCU/g39799_nafcu_marapr2014
https://www.nxtbook.com/ygsreprints/NAFCU/g38961_nafcu_janfeb2014
https://www.nxtbook.com/ygsreprints/NAFCU/g38041_nafcu_novdec2013
https://www.nxtbook.com/ygsreprints/NAFCU/g36539_nafcu_sepoct2013
https://www.nxtbook.com/ygsreprints/NAFCU/g34910_nafcu_julaug2013
https://www.nxtbookmedia.com