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.
- February 22, 2023 - 12:00PMUpcomingFebruary 15, 2023 - 2:00PMUpcomingJanuary 10, 2023As banks continue leading efforts to fight fraud across the industry, Consumer Bankers Association (CBA) President and CEO Lindsey Johnson in a new letter urged Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra to work in tandem with the banks to protect consumers from increasingly prevalent and sophisticated financial scams across peer-to-peer (P2P) payment platforms. As part of...December 7, 2022Last week, the House Select Subcommittee on the Coronavirus Crisis, following a months-long and ongoing investigation, released a report examining the depth and breadth of fraud and abuse from fintech firms participating in the Paycheck Protection Program (PPP). Specifically, the Select Subcommittee found these firms reaped “billions in fees from taxpayers while becoming easy targets for those...July 19, 2022 - 2:00PMPastMay 11, 2022 - 2:00PMPast
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