- CBA on
- CBA Media
- COVID-19 Hub
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 8, 2018A group of financial, retail and technology trade associations are calling on the federal government to oversee data breaches. According to a report in American Banker , 22 trade groups sent a letter to lawmakers urging the House Energy and Commerce Committee to create data protection legislation with a flexible, scalable standard, which would take into account the size of the business, the cost...
- January 4, 2018January 4, 2018 The Honorable Greg Walden Chairman House Energy & Commerce Committee 2125 Rayburn House Office Building Washington, DC 20515 The Honorable Bob Latta Chairman Subcommittee on Digital Commerce and Consumer Protection 2125 Rayburn House Office Building Washington, DC 20515 Dear Chairman Walden and Chairman Latta: The undersigned organizations, representing companies across the...
- January 3, 2018This report from KPMG LLP (KPMG) offers a high-level look at ten key regulatory challenges we believe will influence and impact the financial service industry in the coming year. The report also highlights the drivers behind these challenges and serves as a guide to actions financial services companies can take to address them. Click here to access the report: Ten Key Regulatory Challenges for...
- November 1, 2017November 1, 2017 The Honorable Blaine Luetkemeyer Chairman Subcommittee on Financial Institutions and Consumer Credit Washington, D.C. 20515 The Honorable William Lacy Clay Ranking Member Subcommittee on Financial Institutions and Consumer Credit Washington, D.C. 20515 Dear Chairman Luetkemeyer and Ranking Member Clay: Data security breaches continue to put millions of consumers at risk, and...
- October 18, 2017On Wednesday, October 18, 2017, the CFPB outlined principles for protecting consumers when they authorize third-party companies to access their financial data to provide certain financial products and services. These principles are intended to help foster the development of innovative financial products and services, increase competition in financial markets, and empower consumers to take greater...October 13, 2017House Committee Moves on Regulatory Reform, SIFI Designation Bill During a markup session this week, the House Financial Services Committee moved a host of regulatory reforms, including Congressman Blaine Luetkemeyer’s SIFI designation bill. As CBA noted in its letter to the committee, designating risk strictly based on the size of a financial institution does not make sense and it harms...October 6, 2017CFPB Final Small-Dollar Rule Falls Short For Consumers The CFPB’s long-awaited small-dollar rule is finally here, and you guessed it! The Bureau whiffed at an opportunity to provide assistance to the millions of Americans experiencing financial hardship. It is hard to believe just days after the CFPB reported more than four in ten Americans were struggling to pay monthly bills – often because of...October 5, 2017Maybe you saw a suspicious charge on your bank statement. Or your debit card is missing from your wallet. If you believe your account is at risk, you need to act fast. Your money could be in jeopardy. According to a 2015 American Bankers Association survey, banks lost nearly $2 billion to deposit account fraud the year before. The recent Equifax data breach highlights how consumer information is...September 29, 2017CBA to CFPB: Help Banks Serve Consumers in Need of Short-Term Credit A huge segment of consumers are struggling to make ends meet in a given month – 43 percent to be exact – according to a new CFPB survey. Since the FDIC and OCC issued guidance essentially pushing banks out of the small-dollar lending market, consumers have been forced to use less-safe, less-regulated and more costly entities to...September 27, 2017With the news in September of the massive data compromise of 143 million customers at Equifax, financial institutions are aggressively working to prepare for the increased risk of fraud and consumer concerns regarding credit security. What actions can financial institutions take right now to protect themselves and their customers? Bridgeforce provides 5 key steps that should be taken by financial...