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CBA supports strong national data protection and consumer notification standards with effective enforcement provisions that are applicable to any party with access to important consumer financial information. CBA members are already subject to robust data protection and notification standards and these requirements must be recognized. Inconsistent state laws and regulations should be preempted in favor of strong Federal data protection and notification standards. CBA firmly holds that all parties must share in protecting consumers and, as such, the costs of a data breach should ultimately be borne by the entity that incurs the breach. Protecting consumer data is a shared responsibility, and merchants must have the same tough data security standards as financial institutions to thwart hackers as well as the ability to accept chip-based cards.
- October 31, 2017 - 1:00PMPastOctober 18, 2017On Wednesday, October 18, 2017, the CFPB outlined principles for protecting consumers when they authorize third-party companies to access their financial data to provide certain financial products and services. These principles are intended to help foster the development of innovative financial products and services, increase competition in financial markets, and empower consumers to take greater...October 13, 2017House Committee Moves on Regulatory Reform, SIFI Designation Bill During a markup session this week, the House Financial Services Committee moved a host of regulatory reforms, including Congressman Blaine Luetkemeyer’s SIFI designation bill. As CBA noted in its letter to the committee, designating risk strictly based on the size of a financial institution does not make sense and it harms...October 6, 2017CFPB Final Small-Dollar Rule Falls Short For Consumers The CFPB’s long-awaited small-dollar rule is finally here, and you guessed it! The Bureau whiffed at an opportunity to provide assistance to the millions of Americans experiencing financial hardship. It is hard to believe just days after the CFPB reported more than four in ten Americans were struggling to pay monthly bills – often because of...October 5, 2017Maybe you saw a suspicious charge on your bank statement. Or your debit card is missing from your wallet. If you believe your account is at risk, you need to act fast. Your money could be in jeopardy. According to a 2015 American Bankers Association survey, banks lost nearly $2 billion to deposit account fraud the year before. The recent Equifax data breach highlights how consumer information is...September 29, 2017CBA to CFPB: Help Banks Serve Consumers in Need of Short-Term Credit A huge segment of consumers are struggling to make ends meet in a given month – 43 percent to be exact – according to a new CFPB survey. Since the FDIC and OCC issued guidance essentially pushing banks out of the small-dollar lending market, consumers have been forced to use less-safe, less-regulated and more costly entities to...September 27, 2017With the news in September of the massive data compromise of 143 million customers at Equifax, financial institutions are aggressively working to prepare for the increased risk of fraud and consumer concerns regarding credit security. What actions can financial institutions take right now to protect themselves and their customers? Bridgeforce provides 5 key steps that should be taken by financial...September 26, 2017 - 2:00PMPastSeptember 22, 2017CBA LIVE 2018 Registration Now Open CBA LIVE is back for 2018, and we are going “Beyond the Bank.” The banking industry is transforming across the board. From consumer interactions to digital capabilities the banking world is moving beyond brick and mortar. With 90 hours of programming and attendance from retail banking’s most senior leaders, CBA LIVE 2018 is this year’s can’t miss event. Join us...September 14, 2017This week Capitol Hill weighed in heavily on the Equifax breach which reportedly affected more than 143 million customers. There were several letters from Members of Congress on both sides of the aisle in the House and Senate. The Senate Commerce Committee sent a letter to Equifax CEO Richard Smith inquiring of the scope and response to the breach. Democrats from the House Energy and Commerce...