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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.
- January 23, 2015January 23, 2015Dear Representative: As the 114th Congress engages in public debate on the important issue of data security, the undersigned financial trade associations are writing you collectively to: 1) give our perspective on the key elements that should be included in any legislative approach; and, 2) to make you aware of the current robust regulatory regime already in place that requires financial...January 23, 2015Dear Chairman Burgess and Ranking Member Schakowsky: Thank you for holding a timely hearing entitled, “What are the Elements of Sound Data Breach Legislation?” in the Subcommittee on Commerce, Manufacturing and Trade. As the 114th Congress engages in public debate on the important issue of data security, the undersigned financial trade associations are writing this letter for the hearing record...January 16, 2015CFPB Announces Mortgage Shopping Tool for Potential Borrowers On Tuesday, January 13, 2015, the CFPB released a report detailing the way in which consumers shop for mortgages. Based on results from data in the National Survey of Mortgage Borrowers, conducted jointly by the CFPB and Federal Housing Finance Agency, the report found: Almost half of consumers fail to shop around before applying for a...December 19, 2014CFPB Issues Report on College Credit Card Agreements On Monday, December 14, 2014, the CFPB released its second annual report to Congress on "College credit card agreements." The Credit Card Accountability, Responsibility and Disclosure Act ("CARD Act") requires the Bureau to submit to Congress an annual report listing information submitted to the Bureau concerning agreements between credit card...December 19, 2014CFPB Issues Report on College Credit Card Agreements On Monday, December 14, 2014, the CFPB released its second annual report to Congress on "College credit card agreements." The Credit Card Accountability, Responsibility and Disclosure Act ("CARD Act") requires the Bureau to submit to Congress an annual report listing information submitted to the Bureau concerning agreements between credit card...December 12, 2014CFPB Moves to Tacle Medical Debt Issues This week the CFPB took several steps to address the challenge of consumer medical debt, releasing a report and data points, as well as new requirements on Wednesday, December 10, 2014, followed by a field hearing in Oklahoma City on Thursday, December 11, 2014. The Bureau's report addressed the impact of medical debt on consumer credit scores and pointed...December 12, 2014Government Funding Bill Offers Peak into Future Dodd-Frank Tweaks One of the last must-do items for the 113th Congress is to pass a bill to fund the Federal Government before they adjourn. Many in Washington see this as the last train leaving the station and have taken the opportunity to attach riders to the bill covering issues as varied as increased donation limits to national political parties...December 10, 2014Introduction Fraudsters continue to find increasingly sophisticated means to perpetrate crimes despite advances in technology and stricter regulations designed to reduce fraudulent behavior. Notably, the advent of digital technology and the anonymity it provides has contributed to the rise of the creation of fictitious credentials known as synthetic identities. Synthetic identity fraud is a...December 5, 2014CFPB Ombudsman Releases 2014 Annual Report On Monday, November 24, 2014, the CFPB Ombudsman released its third annual report detailing "inreach" within the Bureau, and summarizing the interactions with parties outside the CFPB in its information collection. The report covers various topics including ways the Bureau can improve access for the visually impaired, to facilitating resolutions and...