Cyber-Security

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.
  • June 10, 2015
    June 10, 2015 The Honorable Mitch McConnell The Honorable Harry Reid Majority Leader Minority Leader U.S. Senate U.S. Senate Washington, D.C. 20510 Washington, D.C. 20510 Dear Majority Leader McConnell and Minority Leader Reid: The undersigned financial services trade associations are writing in support of the amendment being offered by Senator Burr (R-NC) - amendment #1921 - to H.R. 1735, the...
  • June 9, 2015
    You pull out your debit card to reserve a spot for a bicycle tour of France or to buy a designer bag. But then the tour company goes bust or the bag turns out to be a cheap knockoff. Don’t panic: even though you used your debit card instead of a credit card, your bank still might step in to help. If you run into problems with a debit card purchase, you might wish you’d used credit, as you’d have...
  • May 22, 2015
    CFPB Enters Into Consent Order with PayPal On Wednesday, May 20, 2015, the CFPB filed a complaint and proposed consent order in federal court against PayPal for allegedly enrolling consumers in its online credit product, PayPal Credit, illegally. The CFPB alleges PayPal deceptively advertised promotional benefits which it failed to honor, signed consumers up for credit without their permission,...
  • May 15, 2015
    CFPB Holds Hearing, Seeks Info on Student Loan Servicing On Thursday, May 14, 2015, the CFPB announced a new public survey on student loan servicing practices and held a field hearing in Milwaukee, to discuss some of its recent market observations. The Bureau highlighted concerns it previously raised regarding student loan servicing, evaluating an array of issues from the way borrowers...
  • May 14, 2015
    May 14, 2015 Statement for the Record On behalf of the American Bankers Association Consumer Bankers Association Credit Union National Association Independent Community Bankers of America National Association of Federal Credit Unions The Clearing House before the Financial Services Committee United States House of Representatives Chairman Hensarling, Ranking Member Waters, and members of the...
  • May 14, 2015
    Washington, D.C. (May 14, 2015) – Richard Hunt, President and CEO of the Consumer Bankers Association (CBA), released the following statement in response to today’s House Financial Services Committee’s hearing entitled “Protecting Consumers: Financial Data Security in the Age of Computer Hackers.” “In light of the alarming number of cyber threats, we believe it is time for Congress to advance...
  • May 1, 2015
    CFPB to Host Student Debt Field Hearing in Milwaukee Earlier this week, the CFPB announced next month in Milwaukee, WI it will hold a field hearing on student debt. The hearing will take place on Thursday, May 14 at 11 a.m. EST and will feature remarks from Director Richard Cordray, industry representatives, consumer groups, and members of the public. The Dodd-Frank Act required the creation of a...
  • May 1, 2015
    CFPB Announces Webinar on TRID Rule On Thursday, April 30, 2015, the CFPB announced it will hold a 60-minute webinar on Tuesday, May 26, 2015 at 2 p.m. EDT to answer frequently asked questions about the TILA/RESPA Integrated Disclosure rule (TRID). The webinar will be hosted by the Federal Reserve. Those interested may register here . CFPB Takes Action on Mortgage Kickbacks On Wednesday, April 29...
  • April 24, 2015
    CFPB Struggles to Keep Up with Its Work Many of you may recall CFPB Deputy Director Antonakes' CBA LIVE speech in which he requested bankers consider joining the Bureau. Well, this week we received some interesting context to this plea. In a featured piece on Thursday, a reporter at the American Banker detailed the CFPB's struggle to keep up with its work. Citing an overly ambitious investigatory...

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