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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.
- 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...
- July 18, 2014CFPB Proposes Publishing Unverified Consumer Complaint Narratives The Consumer Financial Protection Bureau has proposed publishing unverified complaint narratives from unidentified consumers in their Consumer Complaint Portal. Publishing narratives of every unverified complaint will give only the illusion of disclosure. Banks have an obligation to their customers to maintain the confidentiality...
- July 14, 2014July 11, 2014Communications Working Group Launches CBA’s media relations team has been working with our member banks corporate communications teams to provide an edge on the issues and news coming out of our nation’s capital. On Wednesday, July 9, 2014, we held the first quarterly call of a new working group, open to all of our members. The call featured an update on what to expect from regulators and Capitol...July 11, 2014CFPB Takes Action Against Payday Lender On Thursday, July 10, 2014, the CFPB took enforcement action against a large payday lender, ACE Cash Express, for allegedly pushing payday borrowers into a cycle of debt. The CFPB found ACE, headquartered in Irving, TX, used illegal debt collection tactics, including harassment and false threats of lawsuits or criminal prosecution, to pressure overdue...June 27, 2014CBA/AOL Finance Optimism Index Increases Slightly for May The CBA/AOL monthly Finance Optimism Index has found Americans’ finance optimism improved slightly in May to -4.0. This is an improvement of +0.8 from April. Perceptions around personal financial future and consumer’s current financial situations remained relatively steady. The largest change in this month’s findings came from consumers...June 27, 2014CBA/AOL Finance Optimism Index Increases Slightly for May The CBA/AOL monthly Finance Optimism Index has found Americans’ finance optimism improved slightly in May to -4.0. This is an improvement of +0.8 from April. Perceptions around personal financial future and consumer’s current financial situations remained relatively steady. The largest change in this month’s findings came from consumers...June 23, 2014