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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 14, 2015May 14, 2015 Statement for the Record On behalf of the American Bankers Association Consumer Bankers Association Credit Union National Association Independent Community Bankers of America National Association of Federal Credit Unions The Clearing House before the Financial Services Committee United States House of Representatives Chairman Hensarling, Ranking Member Waters, and members of the...
- 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...
- May 1, 2015CFPB Announces Webinar on TRID Rule On Thursday, April 30, 2015, the CFPB announced it will hold a 60-minute webinar on Tuesday, May 26, 2015 at 2 p.m. EDT to answer frequently asked questions about the TILA/RESPA Integrated Disclosure rule (TRID). The webinar will be hosted by the Federal Reserve. Those interested may register here . CFPB Takes Action on Mortgage Kickbacks On Wednesday, April 29...
- May 1, 2015May 1, 2015CFPB to Host Student Debt Field Hearing in Milwaukee Earlier this week, the CFPB announced next month in Milwaukee, WI it will hold a field hearing on student debt. The hearing will take place on Thursday, May 14 at 11 a.m. EST and will feature remarks from Director Richard Cordray, industry representatives, consumer groups, and members of the public. The Dodd-Frank Act required the creation of a...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 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 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, 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'...