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.
  • November 29, 2018
    November 29, 2018 The Honorable Mike Crapo Chairman Committee on Banking, Housing, and Urban Affairs U.S. Senate 534 Dirksen Senate Office Building Washington, D.C. 20510 The Honorable Sherrod Brown Ranking Member Committee on Banking, Housing, and Urban Affairs U.S. Senate 534 Dirksen Senate Office Building Washington, D.C. 20510 Dear Chairman Crapo and Ranking Member Brown: On behalf of the...
  • October 23, 2018
    On Tuesday, October 23, 2018, the OCC issued a press release regarding an assessed $100 million civil money penalty against Capital One for deficiencies in the bank’s BSA/AML programs. The deficiencies, cited in the OCC’s 2015 order against the bank, included weaknesses in its compliance program and related controls; deficiencies in its risk assessment, remote deposit capture and correspondent...
  • October 16, 2018
    On Wednesday, October 16, 2018, the Federal Reserve issued a press release regarding a Federal Reserve Payments Study report that the value of fraudulent noncash payments in the United States rose significantly between 2012 and 2015--outpacing growth in noncash payments overall, according to a new report based on Federal Reserve Payments Study data. The study's survey of depository institutions...
  • October 15, 2018
    On Monday, October 15, 2018, the FDIC issued a press release announcing the release of a Spanish-language version of Money Smart for Older Adults. The curriculum, now offered in English and Spanish, has been updated to provide new information and resources to help older adults and their caregivers recognize and prevent fraud, scams, and other types of financial exploitation. The curriculum also...
  • September 14, 2018
    Financial 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 12, 2018
    September 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, 2018
    D.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, 2018
    There’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...

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