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.
  • April 16, 2015
    The 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...
  • April 16, 2015
    April 16, 2015 The 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...
  • April 16, 2015
    Washington, D.C. (April 16, 2015) – Richard Hunt, President and CEO of the Consumer Bankers Association (CBA), released the following statement in response to the introduction of the Data Security Act of 2015 (S.961), sponsored by Senators Tom Carper (D-Del.) and Roy Blunt (R-Mo.). “Given the alarming number of cyber threats, our chief mission must be to achieve a fair, reasonable and uniform...
  • April 16, 2015
    April 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 13, 2015
    April 13, 2015 The Honorable Mitch McConnell U.S. Senate Washington, D.C. 20510 The Honorable Harry Reid U.S. Senate Washington, D.C. 20510 Dear Majority Leader McConnell and Minority Leader Reid: The undersigned financial services trade associations are writing in strong support of S.754, the “Cybersecurity Information Sharing Act of 2015,” or CISA. This bipartisan legislation was recently...
  • April 3, 2015
    CBA Comments on Prepaid Proposed Rule On Friday, March 20, 2015, CBA and the Financial Services Roundtable submitted a comment letter to the CFPB regarding proposed rulemaking on prepaid products. The groups stressed the importance of avoiding regulation that increases costs and decreases availability because such impacts are likely to be felt most acutely by consumers who are least able to...
  • March 24, 2015
    Tired of hearing about data breaches and stolen credit card information? An executive at Fidelity National Information Solutions says you should expect more frequent attacks this year. Bob Legters, who works at the company’s St. Petersburg office, said Tuesday that criminals this year likely will increase attacks on businesses' servers that record payment information, because the payment industry...
  • March 20, 2015
    CBA LIVE 2015: The Consumer Agenda – It's Here! T-minus 3 days before you learn all things consumer — their thoughts, their goals, their attitudes, and what speaks to their souls. Sunny Florida awaits the arrival of the largest gathering of retail banking executives this year. CBA LIVE 2015 marks our fifth straight year of record attendance with nearly 1,300 registrants (and counting), 579 of...
  • March 20, 2015
    CFPB Finalizes Policy on Consumer Complaint Narratives On Thursday, March 19, 2015, the CFPB announced it had finalized policy to allow for the inclusion of unverified consumer complaint narratives into its Consumer Complaint Database. With input from its membership, CBA responded to the CFPB requests for public comment on this issue in September of 2014. In its press release, the Bureau...

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