CBA Statement on President’s Actions on Consumer Financial Security

October 17, 2014

CBA Statement on President’s Actions on Consumer Financial Security

Washington, D.C. (October 17, 2014) – CBA’s President and CEO Richard Hunt issued the following statement in response to the planned announcement by President Barack Obama on several steps related to data security and consumer financial transactions:

“We support the White House for recognizing the importance of protecting financial transactions. While chip-based technology is important, it’s not a total solution to the issue of data security. Many financial institutions and retailers already have a plan in place to adopt its use – in addition to our own industry’s stringent federal data security requirements. Other technologies are emerging to address online and mobile payments fraud, such as tokenization, which is being spearheaded by financial institutions and card networks in their effort to protect consumers. 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. Many of CBA’s member institutions are accelerating the transition to chip technology, which can only be effective if merchants have the technology to accept the cards at the point of sale.”

About CBA

The Consumer Bankers Association (CBA) is the trade association for today's leaders in retail banking - banking services geared toward consumers and small businesses. The nation's largest financial institutions, as well as many regional banks, are CBA corporate members, collectively holding two-thirds of the industry's total assets. CBA’s mission is to preserve and promote the retail banking industry as it strives to fulfill the financial needs of the American consumer and small business.