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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.
- February 3, 2014Re: Hearing Titled “Safeguarding Consumers’ Financial Data” Dear Chairman Warner and Senator Kirk: The undersigned organizations representing the financial services industry are writing to commend you for holding this hearing on the recent breaches of sensitive consumer financial and personal information at several major retailers across the country. The financial services industry stands ready...
- January 24, 2014Target Breach Impacting Banks Banks have proactively replaced millions of customers’ cards and allocated significant resources to correct a problem that, by all appearances, was not of their making. This comes at no small cost, and Target needs to take the financial responsibility. According to data collected from CBA member banks, it has not been cheap to replace these credit and debit cards...
- September 27, 2013Bipartisan Policy Center Releases Report Analyzing CFPB’s Progress On Tuesday, September 24, 2013, the Bipartisan Policy Center, a DC-based think tank, released a report entitled , “The Consumer Financial Protection Bureau: Measuring the Progress of a New Agency.” The report reviews the CFPB’s progress since its inception two years ago, providing recommendations for improvements. It covers the...
- July 12, 2013CFPB Radar Tuesday's House hearing on data collection, with testimony from CFPB Acting Deputy Director Steve Antonakes, raised privacy concerns among lawmakers. There has not been any clarity from the Bureau regarding the need for or use of the data, how many individuals' data are being collected or any assurances of security. News came out Wednesday morning at 12:01 a.m. the CFPB was issuing...
- May 3, 2013CFPB's Remittances Rule Commendable CBA applauds the CFPB on the final rule on remittances issued this week. We are encouraged by the Bureau's willingness to work with banks to ensure customers' needs are met when sending money abroad. A full analysis of the rule may be found in our GR Update below. Regulatory Radar - What's Next? Next Wednesday, May 8, 2013, the CFPB will hold a hearing on...
- April 17, 2013March 29, 2013CFPB's "Not Verified" Data The CFPB today released their expanded consumer complaint database showing more than 90,000 complaints - with half coming from affluent and elderly zip codes. While I applaud the intent of the CFPB to inform consumers on specific types of complaints, their methodology is flawed and actually performs a disservice to consumers. The CFPB in their own press release states...