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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.
- September 6, 2016On Tuesday, September 6, 2016, FinCEN issued an advisory to help financial institutions guarding against a growing number of email fraud schemes in which criminals deceive banks and their customers into conducting wire transfers. The advisory also provides red flags—developed in consultation with the FBI and the U.S. Secret Service—available to financial institutions to help identify and prevent...May 27, 2016West Coast visits with FinTech and Banks On Monday, Tuesday, and Wednesday of this week, I escaped D.C.’s recent onslaught of rain to spend time visiting the Golden State. First, I kicked things off in San Francisco, where I met with former CBA Board Member Ryan McInerney , now President at Visa Inc., a CBA Diamond sponsor. We discussed the latest in payments and innovation and how banks can...May 23, 2016Seven financial trade groups announced Monday that they are banding together to push legislation that would extend banklike data security standards to retailers and nonbank businesses. The renewed effort, which comes after legislation stalled late last year, is a pre-emptive counterpunch as the largest retail trade association is making its own lobbying effort this week by inviting members to...May 23, 2016In the latest chapter of the long-running policy dispute between retailers and the financial industry over who is responsible for improving consumer data security, an array of financial groups has launched a new campaign to pressure Congress to pass legislation requiring more protections from merchants. The financial industry is getting frustrated by the slow progress on a key piece of data-...May 13, 2016On Tuesday, May 10, 2016, the Electronic Payments Coalition, of which CBA is a member, sent a letter House leadership requesting assistance in advancing data security and breach notification legislation. CBA remains supportive of H.R. 2205, the Data Security Act of 2015, which passed 46-9 through the House Financial Services Committee in December of 2015 with strong bipartisan support. The letter...April 18, 2016On Monday, April 18, 2016, a group of Democratic Senators sent a letter to the Government Accountability Office (GAO), requesting it study the recent development and regulation of financial technology firms, often referred to as “fintech.” Sens. Jeff Merkley (D-OR), Sherrod Brown (D-OH), and Jeanne Shaheen (D-NH) acknowledged fintech has filled gaps in communities where access to credit is often...April 4, 2016On Monday, April 4, 2016, Federal Reserve Bank of Boston President and CEO Eric Rosengren offered his assessment of economic and cyber risks. On the economic front, Mr. Rosengren stated the financial markets may be underestimating the growth trajectory for the Fed Funds Rate. While global economic instability earlier in the year—arising from China and Europe—had caused the futures market to...April 1, 2016GAO Report is a Must Read When regulators fail to be efficient and effective, consumers are hurt the most. This week’s GAO report on financial regulation validated this point and concerns CBA has echoed for years; the Dodd-Frank Act was not a panacea. We must rethink our financial regulatory structure—this time, putting consumers first. Report Highlights: “While changes made by the Dodd-Frank Act...March 16, 2016On Wednesday, March 16, 2016, the House Financial Services Committee held a hearing on the Consumer Financial Protection Bureau’s (CFPB) Semi-Annual Report to Congress featuring testimony from CFPB Director Richard Cordray. Like previous encounters, Republican members of the committee expressed considerable frustration with the Bureau and its leader throughout the hearing. Save comments from Reps...February 16, 2016On Tuesday, February 16, 2016, the U.S. Department of Homeland Security (DHS) released its initial guidance on the implementation of the Cybersecurity Information Sharing Act of 2015. The legislation, which passed Congress and was signed into law in December of 2015, seeks to encourage the private sector and federal entities to share cyber threat indicators with the federal government by...