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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.
- October 17, 2014White House Announces Action on Data Security and Consumer Financial Transactions On Friday, October 17, 2014, the President signed an Executive Order directing the government to lead by example in securing transactions and sensitive data. The BuySecure Initiative is intended to provide consumers with more tools to secure their financial future by assisting victims of identity theft, improving...October 17, 2014CBA Statement on President’s Actions on Consumer Financial Security Washington, D.C. (October 17, 2014) – CBA’s President and CEO Richard Hunt issued the following statement in response to the planned announcement by President Barack Obama on several steps related to data security and consumer financial transactions: “We support the White House for recognizing the importance of protecting...October 10, 2014CFPB Holds Forum on Checking Account Access On Wednesday, October 8, 2014, the CFPB held a forum on access to checking accounts. The event featured remarks from CFPB Director Richard Cordray, as well as presentations from consumer groups, federal and local government officials, and industry representatives. The CFPB's stated goal of the forum was to learn more about how the checking account...October 3, 2014Durbin Amendment Three Years Later – Consumers Pay the Price This week marks the third anniversary of the Durbin Amendment which capped the amount retailers pay to accept debit cards, in theory passing the purported savings onto consumers. However this has not turned out to be the case. Phoenix Marketing International conducted a survey sponsored by the Electronic Payments Coalition which asked 3...October 3, 2014September 26, 2014CBA-AOL Finance Optimism Drops 4 Points from July The CBA-AOL monthly Finance Optimism Index has found Americans' financial optimism decreased to -7.0. This is a month-over-month drop of 4.0 points, bringing the Index to its lowest point in 2014. All four components of the Index, including perception of current and future finances as well as economic and political news, turned slightly more...September 17, 2014