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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.
- January 31, 2014Exam Format Changes May Expedite Exam Reports The CFPB has announced it is changing the format of its exam reports. According to a statement by the bureau, they believe this change will expedite the time it takes banks to receive final exam reports: “We anticipate that these changes will reduce the amount of time necessary to finalize reports, thus enabling us to more efficiently provide the...
- January 30, 2014January 29, 2014January 28, 2014Cost of Target’s Mistake: $153 Million…and Counting Washington, D.C. (January 28, 2014) – The Consumer Bankers Association’s member banks have proactively responded to the breach of consumer data caused by retail giant Target, by reissuing over 15.3 million debit and credit cards to date at a cost to them of over $153 million. In addition to reissuing cards, member banks have enhanced transaction...January 28, 2014January 24, 2014Target Breach Impacting Banks Banks have proactively replaced millions of customers’ cards and allocated significant resources to correct a problem that, by all appearances, was not of their making. This comes at no small cost, and Target needs to take the financial responsibility. According to data collected from CBA member banks, it has not been cheap to replace these credit and debit cards...January 24, 2014CFPB Seeks Advisory Board and Council Applications On January 15, 2014, the CFPB announced it is seeking applications for positions on its Consumer Advisory Board (CAB), the Credit Union Advisory Council (CUAC), and the Community Bank Advisory Council (CBAC). The Dodd-Frank Wall Street Reform and Consumer Protection Act, which created the CFPB, required the establishment of CAB to advise and...January 24, 2014Target Breach Impacting Banks Banks have proactively replaced millions of customers’ cards and allocated significant resources to correct a problem that, by all appearances, was not of their making. This comes at no small cost, and Target needs to take the financial responsibility. According to data collected from CBA member banks, it has not been cheap to replace these credit and debit cards...January 17, 2014CFPB Extends Comment Period for Debt Collection ANPR On Tuesday, November 12, 2013, the CFPB issued an Advance Notice of Proposed Rulemaking (ANPR) on debt collection practices, which included a 90-day comment period ending February 10, 2014. On January 14, 2014, the Bureau published a notice in the Federal Register announcing an extension of the comment period to February 28, 2014. The proposed...January 13, 2014Dear Chairman McCaul and Ranking Member Thompson: The undersigned organizations, representing the financial services industry, appreciate your efforts to introduce H.R. 3696, the National Cybersecurity and Critical Infrastructure Protection Act. We welcome your leadership in this crucial fight against cyber threats and your work in forging this commonsense, bipartisan legislation. While Congress...