Media Releases
February 11, 2014Washington, D.C. (February 11, 2014) – The American Bankers Association, Consumer Bankers Association, Credit Union National Association, the Independent Community Bankers of America, and the National Association of Federal Credit Unions, issued the following statement in response to the National Retail Federation (NRF) media briefing on data and payment card security: “Once again, the NRF is...
February 6, 2014Breach Costs Continue to Mount, while Retailers Deflect Blame Washington, D.C. (February 6, 2014) – In response to the recent data breach at Target, the Consumer Bankers Association’s (CBA) member banks have proactively responded by reissuing over 17.2 million debit and credit cards to date at a cost to them of over $172 million. This is an increase from the initial round of 15.3 million card...
February 5, 2014Joint Trades’ Memos to Congress Advocates for Retailer Accountability Washington, D.C. (February 5, 2014) – The Consumer Bankers Association (CBA) has teamed up with fellow financial services trade associations to set the record straight on the recent retailer data breaches. In memos to the House and Senate the industry associations wrote: “Target and Neiman Marcus have testified before the House...
February 4, 2014Retailers Must Take Responsibility for their Costs Washington, D.C. (February 4, 2014) – The Consumer Bankers Association (CBA) is responding to the recent data breaches at retailers by calling for increased protections for consumers and greater responsibility on the part of retailers. CBA joined fellow financial services trade associations in writing to several House and Senate committees...
February 4, 2014Washington, D.C. (February 4, 2014) – Today, Consumer Bankers Association president and CEO Richard Hunt appeared on FOX Business Network’s Markets Now to discuss the latest issues facing the retail banking industry, including disruptors like Bitcoin and the latest in the data breaches at retailers such as Target and Nieman Marcus. About CBA The Consumer Bankers Association (CBA) is the trade...
January 28, 2014Cost of Target’s Mistake: $153 Million…and Counting Washington, D.C. (January 28, 2014) – The Consumer Bankers Association’s member banks have proactively responded to the breach of consumer data caused by retail giant Target, by reissuing over 15.3 million debit and credit cards to date at a cost to them of over $153 million. In addition to reissuing cards, member banks have enhanced transaction...
January 17, 2014Washington, D.C. (January 17, 2014) – Richard Hunt, president and CEO of the Consumer Bankers Association, issued the following statement in response to today’s hearing on the debit interchange case before a three-judge panel in D.C. Circuit Court of Appeals: “Today’s hearing was a positive step in preserving the current allowable interchange rate. While we still believe this rate is too low,...
January 7, 2014Washington, D.C. (January 7, 2014) – Richard Hunt, president and CEO of the Consumer Bankers Association, issued the following statement in advance of several new Consumer Financial Protection Bureau (CFPB) mortgage rules which are set take effect on January 10, 2014: “CBA’s retail banks have been working around the clock to comply with the CFPB’s historic mandate on new mortgage rules...
December 19, 2013Washington, D.C. (December 19, 2013) – Richard Hunt, president and CEO of the Consumer Bankers Association, issued the following statement after MeasureOne released “ The Private Student Loan Report – 2013 .” The report is a comprehensive study of the private student loan market, and reveals a smaller private sector student loan market and positive performance trends. “This report shows private...
December 12, 2013Washington, D.C. (December 12, 2013) – Richard Hunt, president and CEO of the Consumer Bankers Association, issued the following response to the Consumer Financial Protection Bureau’s (CFPB) release of phase one of its study on the use of mandatory arbitration clauses in connection with consumer financial products and services. The Dodd-Frank Act requires the CFPB to conduct a study of the use of...
