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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 12, 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...