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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.
- May 1, 2015April 24, 2015CFPB, FTC Bring Enforcement Action Against Green Tree Servicing On Wednesday, April 22, 2015, the CFPB and the Federal Trade Commission (FTC) entered into a preliminary consent agreement with Green Tree Servicing. The agencies allege the national mortgage servicer harmed distressed borrowers in violation of the Real Estate Settlement Procedures Act, the Fair Credit Reporting Act, and the Fair...April 24, 2015CFPB Struggles to Keep Up with Its Work Many of you may recall CFPB Deputy Director Antonakes' CBA LIVE speech in which he requested bankers consider joining the Bureau. Well, this week we received some interesting context to this plea. In a featured piece on Thursday, a reporter at the American Banker detailed the CFPB's struggle to keep up with its work. Citing an overly ambitious investigatory...April 21, 2015April 21, 2015 Majority Leader Kevin McCarthy H-107, US Capitol Washington, DC 20515 Minority Leader Nancy Pelosi H-204, US Capitol Washington, DC 20515 Dear Majority Leader McCarthy and Minority Leader Pelosi: The undersigned financial services trade associations are writing to commend the House of Representatives for their continued commitment to enhancing cybersecurity and specifically,...April 20, 2015A large data breach in December 2013 shook banks and retailers out of their sense of complacency that fraud couldn't happen in their business. In mid-December of that year, Target Corp. acknowledged criminals had stolen customer data from 40 million debit and credit cards from Nov. 27 through Dec. 15. The following January, Target added 70 million customers affected by the breach. The hit to...April 17, 2015MasterCard Reaches Tentative Agreement with Target for $19 million On Wednesday, an agreement was reached between MasterCard and Target to resolve claims related to Target's 2013 data breach. I am glad to see forward movement in the resolution of costs incurred as a result of the retailer's breach. Going forward, our chief mission should be to achieve a fair, reasonable and uniform data security...April 17, 2015CFPB Issues Rule Temporarily Suspending Obligation to Submit Card Agreements On Wednesday, April 15, 2015, the CFPB issued a final rule temporarily suspending the requirement for certain credit card issuers to send their agreements to the CFPB on a quarterly basis. The Bureau had been publishing the agreements in a public database on its website. Other requirements, including card issuers'...April 16, 2015April 16, 2015 The Honorable Roy Blunt United States Senate 260 Russell Senate Office Building Washington, DC 20510 The Honorable Thomas Carper United States Senate 513 Hart Senate Office Building Washington, DC 20510 Dear Senator Blunt and Senator Carper: Since 2005, there have been more than 5,000 reported data breaches involving an estimated 675 million records.1 In a single year from 2013 to...April 16, 2015April 16, 2015The Honorable Roy Blunt U.S. Senate Washington, D.C. 20510 The Honorable Tom Carper U.S. Senate Washington, D.C. 20510 Dear Senator Blunt and Senator Carper: On behalf of the members of the undersigned financial services trade associations, we are writing to express our strong support for the Data Security Act of 2015 (S. 961). Your bill is especially timely in light of the recent data security...