Cyber-Security

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.
  • December 11, 2015
    T-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...
  • December 9, 2015
    Washington, D.C. (December 9, 2015) – Richard Hunt, President and CEO of the Consumer Bankers Association (CBA), released the following statement in response to the House Financial Services Committee’s passage of the Data Security Act of 2015 (H.R. 2205), sponsored by Representatives Randy Neugebauer (R-TX) and John Carney (D-DE), by a vote of 46-9: “Consumers win when the entire payment system...
  • December 7, 2015
    Unfortunately, not everyone in the payment ecosystem is prepared for the growing threat of cyber-criminals. With the holidays fast approaching, we need to be mindful of any grinches that may be lurking. One only needs to look at the recent large-scale retailer breaches which compromised millions of consumers’ sensitive information for proof that the criminals are on the prowl and the cyber...
  • December 7, 2015
    December 7, 2015 The Honorable Jeb Hensarling The Honorable Maxine Waters Chairman Ranking Member House Financial Services Committee House Financial Services Committee 2149 Rayburn House Office Building B301C Rayburn House Office Building Washington, D.C. 20515 Washington, D.C. 20515 Dear Chairman Hensarling and Ranking Member Waters: On behalf of the members of the undersigned financial services...
  • November 12, 2015
    Data security regulations are tightening for financial institutions, putting a heavy burden on credit unions when it comes to compliance. To make matters worse, the fines for non-compliance can overlap among the various regulators. “CU Business” sorts out why protecting sensitive data is more imperative than ever for CUs. While many high-profile data breaches have occurred in the retail and...
  • October 28, 2015
    The Senate on Tuesday passed the Cybersecurity Information Sharing Act (S. 754) by a vote of 74-21. The bill, which would encourage private businesses and the government to share cybersecurity threat information more quickly and efficiently, heads to the House of Representatives next. CUNA and NAFCU, together with the Consumer Bankers Association and the Independent Community Bankers of America,...
  • October 27, 2015
    Washington, D.C. (October 27, 2015) – Richard Hunt, President and CEO of the Consumer Bankers Association (CBA), released the following statement in response to the Senate passage of the Cybersecurity Information Sharing Act (CISA), S.754: “We are encouraged the Senate has taken this initial step to make consumers safer, but still there is work to be done. Information sharing is an important...
  • October 23, 2015
    Bureau's Consumer Advisory Board Talks LEP Consumers, Arbitration On Thursday, October 22, 2015, the CFPB Consumer Advisory Board met to discuss ways to serve limited English proficiency (LEP) consumers and the agency's recent arbitration actions. The Bureau indicated its Education and Engagement Division published a Glossary of Financial Terms and Newcomer Guides in different languages to help...
  • October 22, 2015
    WASHINGTON—NAFCU, CUNA and two other financial trade groups have sent a letter to Senate Majority Leader Mitch McConnell and Minority Leader Harry Reid urging them to strongly support the Senate’s passage of S. 754, the “Cybersecurity Information Sharing Act (CISA).” “We urge you and your colleagues to pass this important legislation as it will increase the nation’s ability to defend against...
  • October 21, 2015
    Statement for the Record On behalf of the American Bankers Association Consumer Bankers Association Credit Union National Association Financial Services Roundtable Independent Community Bankers of America National Association of Federal Credit Unions before the Small Business Committee United States House of Representatives Chairman Chabot, Ranking Member Velazquez, and members of the Committee,...

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