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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.
- July 10, 2015Meeting with our Members This week we visited our bankers at Sallie Mae Bank in their Delaware offices to discuss the state and strength of the private student lending industry, how banks are protecting consumers, and the CFPB complaints portal. Thank you to Ray Quinlan , Chairman, Chief Executive Officer; Charlie Rocha , Executive Vice President, Chief Marketing Officer; and Paul Thome ,...
- July 10, 2015CFPB Cites Problems with Student Loan Servicing for Members of the Military On Tuesday, July 7, 2015, the CFPB released a report entitled: "Overseas & Underserved: Student Loan Servicing and the Cost to Our Men and Women in Uniform." The report, by the Bureau's Assistant Director of Office of Servicemember Affairs Holli Petraeus, and Seth Frotman, the Acting CFPB Student Loan Ombudsman,...
- June 29, 2015A divided Federal Communications Commission nevertheless adopted a proposal to protect consumers against unwanted robocalls and spam texts. In a package of declaratory rulings, the commission affirmed consumers’ rights to control the communications they receive. As part of this package, the commission also made clear that telephone companies face no legal barriers to allowing consumers to choose...
- June 19, 2015CFPB Issues Mid-Year Update of Student Loan Market On Thursday, June 18, 2015, the CFPB Student Loan Ombudsman issued a Mid-Year Update about complaints received regarding private student loans, and debt collection complaints about federal student loans. The report highlighted lenders policies regarding co-signer release, and found more than 90 percent of consumers who applied for co-signer...
- June 19, 2015June 15, 2015When consumer expectations don’t match reality, things can go terribly wrong. Americans expect companies with which they do business to protect their sensitive personal and financial data. Yet, the reality is American consumers are under constant threat of identity theft and fraud due to lax security practices that leave the door open to cyber criminals. Based on recent press reports, literally...June 15, 2015By Richard Hunt, Frank Keating, Jim Nussle, Tim Pawlenty, Camden R. Fine, B. Dan Berger and Jim Aramanda When consumer expectations don’t match reality, things can go terribly wrong. Americans expect companies with which they do business to protect their sensitive personal and financial data. Yet, the reality is American consumers are under constant threat of identity theft and fraud due to lax...June 12, 2015CFPB Releases Final Larger Participant Rule for Auto Finance Companies On Wednesday, June 10, 2015, the CFPB issued its final larger participant rule for the automobile financing market, as authorized by section 1024 of the Dodd-Frank Act. When the final rule becomes effective, the Bureau will have supervisory jurisdiction over nonbank auto finance companies engaging in at least 10,000 aggregate...June 10, 2015June 10, 2015 The Honorable Mitch McConnell The Honorable Harry Reid Majority Leader Minority Leader U.S. Senate U.S. Senate Washington, D.C. 20510 Washington, D.C. 20510 Dear Majority Leader McConnell and Minority Leader Reid: The undersigned financial services trade associations are writing in support of the amendment being offered by Senator Burr (R-NC) - amendment #1921 - to H.R. 1735, the...June 9, 2015You pull out your debit card to reserve a spot for a bicycle tour of France or to buy a designer bag. But then the tour company goes bust or the bag turns out to be a cheap knockoff. Don’t panic: even though you used your debit card instead of a credit card, your bank still might step in to help. If you run into problems with a debit card purchase, you might wish you’d used credit, as you’d have...