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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.
- January 28, 2014January 24, 2014CFPB Seeks Advisory Board and Council Applications On January 15, 2014, the CFPB announced it is seeking applications for positions on its Consumer Advisory Board (CAB), the Credit Union Advisory Council (CUAC), and the Community Bank Advisory Council (CBAC). The Dodd-Frank Wall Street Reform and Consumer Protection Act, which created the CFPB, required the establishment of CAB to advise and...January 24, 2014Target Breach Impacting Banks Banks have proactively replaced millions of customers’ cards and allocated significant resources to correct a problem that, by all appearances, was not of their making. This comes at no small cost, and Target needs to take the financial responsibility. According to data collected from CBA member banks, it has not been cheap to replace these credit and debit cards...January 24, 2014Target Breach Impacting Banks Banks have proactively replaced millions of customers’ cards and allocated significant resources to correct a problem that, by all appearances, was not of their making. This comes at no small cost, and Target needs to take the financial responsibility. According to data collected from CBA member banks, it has not been cheap to replace these credit and debit cards...January 17, 2014CFPB Extends Comment Period for Debt Collection ANPR On Tuesday, November 12, 2013, the CFPB issued an Advance Notice of Proposed Rulemaking (ANPR) on debt collection practices, which included a 90-day comment period ending February 10, 2014. On January 14, 2014, the Bureau published a notice in the Federal Register announcing an extension of the comment period to February 28, 2014. The proposed...January 13, 2014Dear Chairman McCaul and Ranking Member Thompson: The undersigned organizations, representing the financial services industry, appreciate your efforts to introduce H.R. 3696, the National Cybersecurity and Critical Infrastructure Protection Act. We welcome your leadership in this crucial fight against cyber threats and your work in forging this commonsense, bipartisan legislation. While Congress...January 10, 2014CFPB Releases Mortgage Resources On Tuesday, January 7, 2014, the CFPB released new consumer resources on mortgage rules, many of which take effect today, January 10, 2014. As part of the CFPB’s campaign to educate consumers on the new rules, these resources include sample letters consumers can send to their mortgage servicers, mortgage tips, FAQs, factsheets, and other consumer tools. “Taking...December 20, 2013CFPB and DOJ Issue Enforcement Action for Auto Lending Practices On Friday, December 20, 2013, the CFPB and DOJ issued enforcement action against Ally Bank for auto lending practices, specifically discrimination in connection with dealer reserve compensation. Ally will pay $80 million to consumers, pay to hire a settlement administrator to distribute funds to victims, and monitor dealer reserve...December 13, 2013Dear Mr. Sedgewick: The Financial Services Sector Coordinating Council1 (FSSCC) appreciates the opportunity to provide comments in response to the National Institute of Standards and Technology Request for Comments on the Preliminary Cybersecurity Framework (“Framework”). FSSCC submits this response to demonstrate the deep commitment of the financial services sector to the public/private...September 26, 2013