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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.
- June 19, 2015June 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 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 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 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...May 22, 2015CFPB Enters Into Consent Order with PayPal On Wednesday, May 20, 2015, the CFPB filed a complaint and proposed consent order in federal court against PayPal for allegedly enrolling consumers in its online credit product, PayPal Credit, illegally. The CFPB alleges PayPal deceptively advertised promotional benefits which it failed to honor, signed consumers up for credit without their permission,...May 15, 2015CFPB Holds Hearing, Seeks Info on Student Loan Servicing On Thursday, May 14, 2015, the CFPB announced a new public survey on student loan servicing practices and held a field hearing in Milwaukee, to discuss some of its recent market observations. The Bureau highlighted concerns it previously raised regarding student loan servicing, evaluating an array of issues from the way borrowers...May 14, 2015Washington, D.C. (May 14, 2015) – Richard Hunt, President and CEO of the Consumer Bankers Association (CBA), released the following statement in response to today’s House Financial Services Committee’s hearing entitled “Protecting Consumers: Financial Data Security in the Age of Computer Hackers.” “In light of the alarming number of cyber threats, we believe it is time for Congress to advance...