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.
  • October 20, 2015
    October 20, 2015 The Honorable Mitch McConnell Majority Leader U.S. Senate Washington, D.C. 20510 The Honorable Harry Reid Minority Leader U.S. Senate Washington, D.C. 20510 Dear Majority Leader McConnell and Minority Leader Reid: The undersigned financial services trade associations are writing to strongly support the Senate’s passage of S. 754, the Cybersecurity Information Sharing Act (CISA)...
  • October 16, 2015
    October 16, 2015 The Honorable Steve Chabot The Honorable Nydia Velazquez Chairman Ranking Member Committee on Small Business Committee on Small Business Washington, D.C. 20515 Washington, D.C. 20515 Dear Chairman Chabot and Ranking Member Velazquez: On behalf of the 14,000 banks and credit unions of all sizes that are taking on criminal hackers by issuing payment cards with highly secure “EMV”...
  • October 15, 2015
    October 15, 2015 On behalf of our members, we are writing today to urge you to support the Cybersecurity Information Sharing Act (CISA) (S. 754) and efforts by the Leadership and Chairman Burr and Vice-Chairman Feinstein to bring this important legislation to the Senate floor as soon as possible. CISA is a bipartisan bill approved earlier this year on a near-unanimous basis by the Senate Select...
  • October 15, 2015
    October 15, 2015 Dear Representative: Well publicized data breaches have rightly focused Congress’s attention on consumer data security, and as we transition to the use of EMV “chip” payment cards, many in Congress have again focused on this issue. We are proud to be leading the way to achieve a safer and more secure payment system, and the adoption of EMV technology is an important part of that...
  • October 7, 2015
    In the week since the EMV fraud liability shift took effect for U.S. merchants, awareness of the conversion to chip-enabled payment cards has increased. See Also: How to Anticipate Breaches & Prevent Data Loss: Avoiding the Fate of OPM But some experts say card issuers and the card brands still have a lot of work to do on the education front - especially where consumers and small businesses...
  • October 1, 2015
    With the holidays around the corner, many consumers can rest easier this gift-giving season because of greater consumer protections at the checkout line. EMV is the now familiar acronym for the EuroPay, MasterCard, Visa standard, which incorporates chip technology to encrypt card information. Starting Thursday, liability for counterfeit card-present transactions will shift away from the issuer —...
  • September 10, 2015
    FCC Pole Attachment Complaint Verizon filed a pole attachment complaint against Dominion, seeking more than $16 million in refunds for alleged overcharges in pole attachment rental fees. Dominion’s response is due October 17. CII Sharing Public Safety Spectrum Last week, the FCC released a Notice of Proposed Rulemaking seeking comment on a Petition filed last year by the National Public Safety...
  • August 14, 2015
    Just because Congress is on vacation doesn't mean the regulators are. Thanks again to all of you who joined our membership call on Monday. Discussion included an update on CBA's top legislative regulatory priorities. Stay tuned for our next call! TIME Waxes Nostalgic On Thursday, TIME magazine published a long-form article looking back on the CFPB's first four years. Disappointing read . Too bad...
  • August 7, 2015
    Another Constitutionality Challenge Filed Against the CFPB PHH Corporation on Friday, June 26, 2015 filed a Motion for Stay Pending Judicial Review with the D.C. Circuit Court of Appeals (Court) seeking to stay a final action of the CFPB scheduled to take effect on Wednesday, August 5, 2015. On Monday, August 3, 2015, the Court granted PHH's motion, finding the company had "satisfied the...
  • August 4, 2015
    August 4, 2015 The Honorable Mitch McConnell Majority Leader U.S. Senate Washington, D.C. 20510 The Honorable Harry Reid Minority Leader U.S. Senate Washington, D.C. 20510 Dear Majority Leader McConnell and Minority Leader Reid: The undersigned financial services trade associations are writing in support of passage of S. 754, the Cybersecurity Information Sharing Act (CISA). In March, this bill...

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