The Consumer Bankers Association on Wednesday asked lawmakers to rein in regulations that were meant to prevent robocalls but that the group says have inadvertently captured legitimate calls.
Banks say that an appeals court’s decision to ease restrictions will allow them to warn customers more easily when loans are past due or accounts have been compromised. But consumer groups argue that the decision gives financial firms license to market their products more aggressively and could lead to more harassing phone calls over unpaid debts.
Financial institutions and retail companies are trading barbs over which industry poses greater risk to sensitive customer information just as lawmakers are planning to take another stab at a data security bill.
Seven trade associations — including those representing banks and credit unions — sent a joint letter to Congress outlining data security standards for entities that handle financial data.
Brad Conner, the incoming chairman of the Consumer Bankers Association, says the government's record as a direct student lender leaves much to be desired.
The Consumer Bankers Association says the “whipsaw effect” of having a single director who can quickly tack the CFPB in one direction or another can make it challenging to plan out budget expenditures and determine which products and services they should invest in and offer.
