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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.
- November 21, 2014GAO Finds Deficiencies with Internal Controls at CFPB On Tuesday, November 18, 2014, the Government Accountability Office (GAO) released their annual audit report conducted on the CFPB for the year ending September 30, 2014. The report found the agency continues to struggle with internal controls, among other issues. Specifically, GAO found the CFPB did not have effective procedures in place to...
- November 18, 2014November 17, 2014November 14, 2014CFPB Hosts Field Hearing on Prepaid Cards; Releases Proposed Rule On Thursday, November 13, 2014, the CFPB, at a field hearing in Wilmington, DE, released its proposed rule on prepaid products. The hearing included opening remarks from CFPB Director Richard Cordray, a panel of consumer and industry representatives, and concluded with a question and answer session with the public. "By bringing...November 12, 2014Dear Leaders Reid and McConnell, Speaker Boehner and Leader Pelosi: On November 6, 2014, a group of organizations representing elements of the retail industry wrote to you regarding recent breaches of consumer information. Their letter, unfortunately, is inaccurate and misleading, and recommends solutions that leave consumers vulnerable to enhanced risk of data breaches. The undersigned financial...