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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.
- December 20, 2013CFPB and DOJ Issue Enforcement Action for Auto Lending Practices On Friday, December 20, 2013, the CFPB and DOJ issued enforcement action against Ally Bank for auto lending practices, specifically discrimination in connection with dealer reserve compensation. Ally will pay $80 million to consumers, pay to hire a settlement administrator to distribute funds to victims, and monitor dealer reserve...
- December 13, 2013Dear Mr. Sedgewick: The Financial Services Sector Coordinating Council1 (FSSCC) appreciates the opportunity to provide comments in response to the National Institute of Standards and Technology Request for Comments on the Preliminary Cybersecurity Framework (“Framework”). FSSCC submits this response to demonstrate the deep commitment of the financial services sector to the public/private...
- September 26, 2013August 2, 2013Federal Court Vacates Fed’s Debit Interchange Rule On Wednesday, July 31, 2013, a U.S. District Court judge struck down the Federal Reserve Board's rules on interchange fees for debit card transactions, in place since late 2011. U.S. District Judge Richard Leon ruled the Board overstepped its discretionary authority to set a 21-cent cap on debit card transactions. The rule, which has been in...July 29, 2013Dear Chairman Rockefeller and Ranking Member Thune: The undersigned organizations, representing the financial services industry, are writing in support of S. 1353, the Cybersecurity Act of 2013, as introduced, and to thank you for your leadership in forging a bipartisan bill. S. 1353 would improve the cybersecurity of our nation in several ways. In particular, it encourages the private and public...July 9, 2013April 17, 2013April 10, 2013Dear Chairman Rogers and Ranking Member Ruppersberger: The undersigned representatives of the financial services industry are writing in support of H.R. 624, the Cyber Intelligence Sharing and Protection Act, as prepared for today’s markup. We applaud your leadership in forging a bipartisan bill. H.R. 624 would provide important updates and clarifications to the National Security Act to...