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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.
- April 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...