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Data security and, specifically, the safeguarding of personal financial information, are primary concerns for consumers and their banks. Banks have consistently been rated highly in surveys of consumer confidence regarding security of customer information, while continuing to develop innovative methods of fighting identity fraud. CBA supports national uniformity for information security rules, rather than allowing a patch-work of state and local laws and regulations. CBA advocates clear, uniform and flexible rules that will facilitate compliance and provide latitude for fraud experts at financial institutions to continue to create dynamic solutions to address the challenges of information security.
- August 15, 2014CFPB Takes Action against Mortgage Lender for Deceptive Practices On Tuesday, August 12, 2014, the CFPB ordered Amerisave and its affiliate to pay $14.8 million in compensation to consumers, as well as a $4.5 million penalty for "engaging in a deceptive bait-and-switch mortgage-lending scheme." The Bureau claims Amerisave advertised misleading interest rates and illegally overcharged for...
- August 5, 2014After years of hearing that the era of the “mobile wallet” has arrived, bankers have become weary of reports that are more hype than substance. While it’s true that an increasing number of consumers are using mobile devices to pay bills, each other and move money among their own accounts, mobile payments to merchants and retailers are still in the development stage due to market fragmentation,...
- August 5, 2014John B. Morris Associate Administrator and Director of Internet Policy Department of Commerce National Telecommunications and Information Administration Dear Mr. Morris: The Consumer Bankers Association (“CBA”) and the American Bankers Association (“ABA”) appreciates the opportunity to comment on the notice issued by the Department of Commerce’s National Telecommunications and Information...
- July 14, 2014July 14, 2014Dear Ms. Jackson: The American Bankers Association (ABA), the Consumer Bankers Association (CBA), the Financial Services Roundtable (FSR),3 the Independent Community Bankers of America (ICBA) and the Securities Industry and Financial Markets Association (SIFMA) (collectively, “the Associations”) appreciate the opportunity to comment on the notice issued by the Consumer Financial Protection Bureau...May 30, 2014CFPB Delays Timetable for Overdraft, Payday Rules The CFPB announced a semi-annual update to its rulemaking agenda , which sets out the Bureau’s regulatory plans. The agenda is provided by the Bureau to the Office of Management and Budget (OMB), and reflects the Bureau’s best estimate of its upcoming rulemaking activities. While we did not expect overdraft proposed rules in July, the February...May 13, 2014RE: Amendment to the Annual Privacy Notice Requirement under the Gramm-Leach-Bliley Act (Regulation P) – Docket No. CFPB-2014-0010/RIN 3170-AA39 Dear Ms. Jackson: The undersigned trade associations (the American Bankers Association, the Consumer Bankers Association, the Financial Services Roundtable and the Independent Community Bankers of America) are working with our members to comment on the...May 9, 2014CBA Issues Comment Letter on CFPB’s Debt Collection Survey Proposal On Tuesday, May 6, 2014, CBA issued a comment letter to the CFPB in response to its proposed consumer debt collection survey. The Bureau requested public comment on a proposal to mail a survey to consumers in an effort to learn about their experiences interacting with the debt collection industry. While CBA strongly supports the...May 6, 2014May 6, 2014Washington, D.C. (May 6, 2014) – Richard Hunt, President and CEO of the Consumer Bankers Association, issued the following statement in response to the Consumer Financial Protection Bureau’s (CFPB) proposed rule to ease privacy disclosure requirements for financial institutions that limit the amount of customer data they share with outside firms: “Many consumers already access account notices and...