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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.
- February 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...February 14, 2014On Tuesday, February 11, 2014, the House passed a package of CFPB related bills by a vote of 223-193, including several measures intended to increase transparency and accountability of the Bureau. The package included: H.R. 2385- CFPB Pay Fairness Act, Rep. Sean Duffy (R-WI) H.R. 2446- The Responsible Consumer Financial Protection Regulations Act, Rep. Spencer Bachus (R-AL) H.R. 2571- Consumer...February 13, 2014Washington, D.C. (February 13, 2014) – Today leading trade associations representing the merchant and financial services industries announced a new cybersecurity partnership. The partnership will focus on exploring paths to increased information sharing, better card security technology, and maintaining the trust of customers. Discussion regarding the partnership was initiated by the Retail...February 12, 2014February 12, 2014February 11, 2014February 11, 2014Washington, D.C. (February 11, 2014) – The American Bankers Association, Consumer Bankers Association, Credit Union National Association, the Independent Community Bankers of America, and the National Association of Federal Credit Unions, issued the following statement in response to the National Retail Federation (NRF) media briefing on data and payment card security: “Once again, the NRF is...