HIPAA's New Privacy Rule and Your Credit Union

A data processing conversion is one of the most comprehensive and strategic events that any credit union can undertake. A change affects every employee and key process, as well as the way a credit union interacts with its members.

 
 


A data processing conversion is one of the most comprehensive and strategic events that any credit union can undertake. A change affects every employee and key process, as well as the way a credit union interacts with its members.

New data from the quarterly call report is now available that can help track credit unions who are converting systems. The call report asks to indicate new programs or service offerings implemented since your previous filing, or that you plan on implementing with in the next six months. At year-end 2002, 231 credit unions checked the data conversions box. If the question's six-month horizon is accurate then doubling this number would suggest that 470 credit unions are in a conversion status over a one year time period. This number equates to about 5% of all credit unions, which is very close to the rule of thumb about the percentage of credit unions open to a DP change in any one year. The following is a break down by peer groups of credit unions that will be involved in a data processing conversion by the end of September as stated in the March 31, 2003 call report.

 

 

 

Aug. 18, 2003


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