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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.
- April 4, 2016On Monday, April 4, 2016, Federal Reserve Bank of Boston President and CEO Eric Rosengren offered his assessment of economic and cyber risks. On the economic front, Mr. Rosengren stated the financial markets may be underestimating the growth trajectory for the Fed Funds Rate. While global economic instability earlier in the year—arising from China and Europe—had caused the futures market to...April 1, 2016GAO Report is a Must Read When regulators fail to be efficient and effective, consumers are hurt the most. This week’s GAO report on financial regulation validated this point and concerns CBA has echoed for years; the Dodd-Frank Act was not a panacea. We must rethink our financial regulatory structure—this time, putting consumers first. Report Highlights: “While changes made by the Dodd-Frank Act...March 16, 2016On Wednesday, March 16, 2016, the House Financial Services Committee held a hearing on the Consumer Financial Protection Bureau’s (CFPB) Semi-Annual Report to Congress featuring testimony from CFPB Director Richard Cordray. Like previous encounters, Republican members of the committee expressed considerable frustration with the Bureau and its leader throughout the hearing. Save comments from Reps...February 16, 2016On Tuesday, February 16, 2016, the U.S. Department of Homeland Security (DHS) released its initial guidance on the implementation of the Cybersecurity Information Sharing Act of 2015. The legislation, which passed Congress and was signed into law in December of 2015, seeks to encourage the private sector and federal entities to share cyber threat indicators with the federal government by...February 9, 2016On Tuesday, February 9, 2016, the White House announced its plans to implement a new Cybersecurity National Action Plan (CNAP). Through additional investment, public education, and coordination with the private sector, the plan seeks to strengthen the nation’s cybersecurity. Paired with the release of the President’s final budget proposal, the plan provides a 35 percent increase in cybersecurity...February 8, 2016February 8, 2016 Director of the Information Collection Clearance Division Department of Education 400 Maryland Avenue SW., LBJ, Room 2E10 Washington, DC 20202–4537 Via electronic submission RE: Comment Request; Enterprise Complaint System Docket ID number ED–2015–ICCD–0138 Dear Director, The Consumer Bankers Association (“CBA”)1 appreciates the opportunity to respond to the Department of...January 12, 2016On Tuesday, January 12, 2016, CBA joined a coalition of financial services trades in sending a letter to the Federal Housing Finance Agency (FHFA) expressing concern over the agency’s data collection practices as part of its National Mortgage Database Project. The voluntary borrower survey contains 85 questions regarding a customer’s mortgage experience. CBA raised concerns over the intrusiveness...January 8, 2016On Wednesday, January 6, 2016, the Federal Trade Commission released guidance on “Big Data: A Tool for Inclusion or Exclusion?” The report outlines how companies should treat Big Data in the context of the Fair Credit Reporting Act, Equal Opportunity Laws and the Federal Trade Commission Act. The FTC plans to hold a “PrivacyCon” on January 14, 2016, to analyze these and other privacy issues.December 18, 2015Thankfully Congress Wraps Up 2015 Earlier this month, Congress chose political expediency over sound policy by voting to pay for the highway bill with a tax on banks, rather than gasoline. Many of us were hopeful cooler heads would prevail and this policy would be walked back in this week's final, year-end spending package, also known as the omnibus. Congress also had the opportunity to advance...December 11, 2015T-Minus 7 Days to CBA LIVE Early Bird Deadline Our committees have been heads down planning a host of sessions for CBA LIVE, which will now feature 11 concurrent tracks including our first-ever Risk F orum. View the session lineup for each forum as well as the full event program to customize your CBA LIVE experience. Just like the holidays sneak up on you, so does our Early Bird registration...