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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.
- March 10, 2014March 7, 2014CFPB Releases Service Member Complaint Snapshot On Thursday, March 6, 2014, the CFPB announced the agency had recovered more than $1 million for service members, veterans, and their families who filed grievances about financial products or services. According to the CFPB’s second snapshot of complaints from military-related consumers, which reported the payout, some military families are not...February 26, 2014February 21, 2014Target Breach Response Continues Financial institutions of all sizes are proactively aiding consumers by replacing cards potentially compromised due to the Target data breach. We did not wait to alert our customers. Members of CBA, the Independent Community Bankers of America (ICBA), and the credit unions have replaced a total of 25.8 million cards at a cost to banks of $242.6 million – not...February 20, 2014February 19, 2014February 19, 2014February 18, 2014February 18, 2014February 18, 2014Washington, D.C. (February 18, 2014) – Financial institutions continue to respond to the massive data breach at Target. According to data collected by the Consumer Bankers Association (CBA) and the Credit Union National Association the costs associated with the Target data breech exceed $200 million. CBA estimates the cost of card replacements for its members to have reached $172 million, up from...