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Fraud & Cybersecurity
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 18, 2018 - 2:00PMUpcomingSeptember 14, 2018Financial trade organizations voiced support for the bill in a Sept. 12 joint letter to the committee. The groups, including the American Bankers Association, the Consumer Bankers Association, and the Credit Union National Association, said they backed committee action on the bill as a step toward comprehensive data breach legislation for all entities that collect and use sensitive personal and...September 13, 2018 - 2:00PMPastSeptember 12, 2018September 12, 2018 The Honorable Jeb Hensarling The Honorable Maxine Waters Chairman Ranking Member House Financial Services Committee House Financial Services Committee 2129 Rayburn House Office Building 2129 Rayburn House Office Building Washington, D.C. 20515 Washington, D.C. 20515 Dear Chairman Hensarling and Ranking Member Waters: The Consumer Bankers Association (CBA) appreciates the...August 31, 2018D.C. DOWNLOAD OCC’s CRA ANPR Proposal : Comptroller of the Currency Joseph Otting is a CEO at heart and he showed it this week when the OCC issued its ANPR on the Community Reinvestment Act. The OCC issued the ANPR unilaterally, but we expect the FDIC and possibly the Fed to join in on the reform efforts before all is said and done. CBA’s Community Reinvestment Committee of almost 50 member banks...August 14, 2018There’s no doubt that the synthetic identity fraud epidemic is growing in sophistication, intensity, and frequency. The question plaguing institutions today is: How do we identify and prevent synthetic identity fraud when there is no identifiable perpetrator or self-reporting victim? Prior to social security number (SSN) randomization in 2011, fraudsters either used a stolen SSN or they made one...August 8, 2018 - 2:00PMPastJuly 31, 2018July 31, 2018 The Honorable Bob Latta Chairman Subcommittee on Digital Commerce and Consumer Protection 2125 Rayburn House Office Building Washington, DC 20515 Dear Chairman Latta: We sincerely appreciate the opportunity to participate in your discussions over the last several months about data breach legislation. Data security breaches continue to put millions of consumers at risk, and we share...June 7, 2018 - 2:00PMPastMay 18, 2018WASHINGTON HAPPENINGS In a Fortnight – Two Items on CBA’s watch list ahead of Memorial Day include: A House Vote on Senate Banking Bill – The Senate’s regulatory relief bill, which CBA supports, is expected to receive a vote in the House this Tuesday, May 22 . McWilliams Confirmation as FDIC Head – President Trump’s nominee to head the FDIC Jelena McWilliams is expected to receive a confirmation...