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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.
- September 12, 2014CFPB Holds Consumer Advisory Board Meeting in Washington, D.C. On Thursday, September 11, 2014, the CFPB's Consumer Advisory Board (CAB) held its third meeting of the year, attended by approximately 20 people, including the public and members of the press. The agenda covered the student loan market, small dollar credit building, harnessing technology to improve access to financial services, and...
- September 12, 2014Home Depot Breach Verified – Brace for Impact This week we learned what many of us had feared -- the mother of all breaches is upon us with the verification of Home Depot's lapsed security. Already many of our banks have identified patterns of behavior consistent with a data breach in certain geographical areas. While fraud seems limited at this moment, cyber-criminals could begin dumping...
- September 9, 2014Washington, D.C. (September 9, 2014) – In today’s global economy consumers can purchase products anywhere, at any time, online, or in person. Unfortunately, this means criminals have evolved as well. Consumers should be aware of cyber threats and remain vigilant in guarding their personal data. Data breaches may result in the compromising of credit or debit card information, in addition to...
- September 5, 2014Possible Home Depot Breach Bigger than Target? The end of the Labor Day holiday came with some unsettling news – a possible massive breach of consumer data at retailer Home Depot. According to KrebsonSecurity, the breach may have impacted data from all 2,200 stores across the U.S. We all recall the breach at Target earlier this year, which resulted in the compromising of 40 million payment card...
- August 21, 2014August 20, 2014August 15, 2014CFPB Takes Action against Mortgage Lender for Deceptive Practices On Tuesday, August 12, 2014, the CFPB ordered Amerisave and its affiliate to pay $14.8 million in compensation to consumers, as well as a $4.5 million penalty for "engaging in a deceptive bait-and-switch mortgage-lending scheme." The Bureau claims Amerisave advertised misleading interest rates and illegally overcharged for...August 8, 2014CFPB Asks about Agreements with Financial Institutions On Wednesday, August 6, 2014, the CFPB sent a letter to the 14 "Big Ten" universities urging them to disclose their agreements with financial institutions which result in providing financial products to students on campus. According to a Bureau blog post , The letter was sent to follow up an effort the CFPB began in 2013 to collect...August 1, 2014CFPB Releases Overdraft Data Point On Thursday, July 31, 2014, the CFPB released a long-awaited report entitled: “Data Point: Checking Account Overdraft,” which provided statistics on the usage of overdraft products. The report is not final and does not make express policy recommendations. The CFPB is expected to release more overdraft reports prior to a proposed rulemaking. Key findings from the...August 1, 2014Re: Support for the Cybersecurity Information Sharing Act of 2014 Dear Majority Leader Reid and Minority Leader McConnell: The undersigned financial services organizations are writing in strong support of S. 2588, the “Cybersecurity Information Sharing Act of 2014,” or CISA, favorably reported out of the Senate Select Committee on Intelligence on July 10th by a bipartisan 12-3 vote. CISA will...