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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.
- January 8, 2016On Wednesday, January 6, 2016, the Federal Trade Commission released guidance on “Big Data: A Tool for Inclusion or Exclusion?” The report outlines how companies should treat Big Data in the context of the Fair Credit Reporting Act, Equal Opportunity Laws and the Federal Trade Commission Act. The FTC plans to hold a “PrivacyCon” on January 14, 2016, to analyze these and other privacy issues.December 18, 2015Thankfully Congress Wraps Up 2015 Earlier this month, Congress chose political expediency over sound policy by voting to pay for the highway bill with a tax on banks, rather than gasoline. Many of us were hopeful cooler heads would prevail and this policy would be walked back in this week's final, year-end spending package, also known as the omnibus. Congress also had the opportunity to advance...December 11, 2015T-Minus 7 Days to CBA LIVE Early Bird Deadline Our committees have been heads down planning a host of sessions for CBA LIVE, which will now feature 11 concurrent tracks including our first-ever Risk F orum. View the session lineup for each forum as well as the full event program to customize your CBA LIVE experience. Just like the holidays sneak up on you, so does our Early Bird registration...December 11, 2015CFPB Brings Enforcement Action against Debt Collector On Monday, December 7, 2015, the CFPB filed a civil complaint in federal court against EOS CCA, a Massachusetts-based debt buying and collection firm. The Bureau alleges EOS violated the Fair Debt Collection Practices Act and Dodd-Frank's ban on unfair, deceptive or abusive acts and practices when it collected on cellphone debt purchased from...December 9, 2015Washington, D.C. (December 9, 2015) – Richard Hunt, President and CEO of the Consumer Bankers Association (CBA), released the following statement in response to the House Financial Services Committee’s passage of the Data Security Act of 2015 (H.R. 2205), sponsored by Representatives Randy Neugebauer (R-TX) and John Carney (D-DE), by a vote of 46-9: “Consumers win when the entire payment system...December 7, 2015Unfortunately, not everyone in the payment ecosystem is prepared for the growing threat of cyber-criminals. With the holidays fast approaching, we need to be mindful of any grinches that may be lurking. One only needs to look at the recent large-scale retailer breaches which compromised millions of consumers’ sensitive information for proof that the criminals are on the prowl and the cyber...December 7, 2015December 7, 2015 The Honorable Jeb Hensarling The Honorable Maxine Waters Chairman Ranking Member House Financial Services Committee House Financial Services Committee 2149 Rayburn House Office Building B301C Rayburn House Office Building Washington, D.C. 20515 Washington, D.C. 20515 Dear Chairman Hensarling and Ranking Member Waters: On behalf of the members of the undersigned financial services...November 12, 2015Data security regulations are tightening for financial institutions, putting a heavy burden on credit unions when it comes to compliance. To make matters worse, the fines for non-compliance can overlap among the various regulators. “CU Business” sorts out why protecting sensitive data is more imperative than ever for CUs. While many high-profile data breaches have occurred in the retail and...October 28, 2015The Senate on Tuesday passed the Cybersecurity Information Sharing Act (S. 754) by a vote of 74-21. The bill, which would encourage private businesses and the government to share cybersecurity threat information more quickly and efficiently, heads to the House of Representatives next. CUNA and NAFCU, together with the Consumer Bankers Association and the Independent Community Bankers of America,...October 27, 2015Washington, D.C. (October 27, 2015) – Richard Hunt, President and CEO of the Consumer Bankers Association (CBA), released the following statement in response to the Senate passage of the Cybersecurity Information Sharing Act (CISA), S.754: “We are encouraged the Senate has taken this initial step to make consumers safer, but still there is work to be done. Information sharing is an important...