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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 6, 2014Breach Costs Continue to Mount, while Retailers Deflect Blame Washington, D.C. (February 6, 2014) – In response to the recent data breach at Target, the Consumer Bankers Association’s (CBA) member banks have proactively responded by reissuing over 17.2 million debit and credit cards to date at a cost to them of over $172 million. This is an increase from the initial round of 15.3 million card...
- February 6, 2014February 5, 2014Joint Trades’ Memos to Congress Advocates for Retailer Accountability Washington, D.C. (February 5, 2014) – The Consumer Bankers Association (CBA) has teamed up with fellow financial services trade associations to set the record straight on the recent retailer data breaches. In memos to the House and Senate the industry associations wrote: “Target and Neiman Marcus have testified before the House...February 4, 2014Washington, D.C. (February 4, 2014) – Today, Consumer Bankers Association president and CEO Richard Hunt appeared on FOX Business Network’s Markets Now to discuss the latest issues facing the retail banking industry, including disruptors like Bitcoin and the latest in the data breaches at retailers such as Target and Nieman Marcus. About CBA The Consumer Bankers Association (CBA) is the trade...February 4, 2014February 4, 2014Retailers Must Take Responsibility for their Costs Washington, D.C. (February 4, 2014) – The Consumer Bankers Association (CBA) is responding to the recent data breaches at retailers by calling for increased protections for consumers and greater responsibility on the part of retailers. CBA joined fellow financial services trade associations in writing to several House and Senate committees...February 3, 2014Re: Hearing Titled “Safeguarding Consumers’ Financial Data” Dear Chairman Warner and Senator Kirk: The undersigned organizations representing the financial services industry are writing to commend you for holding this hearing on the recent breaches of sensitive consumer financial and personal information at several major retailers across the country. The financial services industry stands ready...February 3, 2014Re: Hearing Titled “Privacy in the Digital Age: Preventing Data Breaches and Combating Cybercrime” Dear Chairman Leahy and Senator Grassley: The undersigned organizations representing the financial services industry are writing to commend you for holding this hearing on the recent breaches of sensitive consumer financial and personal information at several major retailers across the country. The...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 31, 2014Director Cordray Testifies Before House Financial Services Committee On Tuesday, January 28, 2014, the House Financial Services Committee held a hearing entitled: “The Semi-Annual Report of the Consumer Financial Protection Bureau.” CFPB Director Richard Cordray reported on the Bureau’s release, which covers the period April 1, 2013 – September 30, 2013. Lasting nearly four hours and occasionally...