Association Meets with DC Council Aides to Discuss Proposed DC Credit Union Act

The Advocacy Team met with aides to Councilmembers McDuffie and Gray to discuss legislation being considered by the DC Council on data breaches, adult financial exploitation and a DC credit union charter.

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A survey is being conducted by the Association to gauge credit union interest in a DC Credit Union charter.  Click here to take the survey: https://www.surveymonkey.com/r/RWBMP3 The introduction of the bill is the Council’s response to DC residents voicing frustration with Wall Street banks. 

The Security Breach Protection Amendment Act of 2019 works to strengthen the protections for personal information and benefits consumers but does not address the critical need of creating a standardized and measurable notification period. The Association is advocating for a 45 – 60 days standardized consumer notification period. This will ensure that consumers know in a timely manner if their data has been breached. This will help credit union protect their member's money faster.

The Association is in general support of the Protection of Seniors and Vulnerable Adults from Financial Exploitation Act of 2019 but would like credit unions to have more flexibility to decide who should be responsible for reporting suspected adult financial criminal activity.