MADISON, Wis. (10/2/15)--With the EMV conversion deadline that occurred Thursday, perhaps it’s not surprising that News Now’s most read story for September was its Sept. 2 article: “Compliance: Who needs to be EMV-compliant by Oct. 1?”
Credit card issuers, including credit unions, were mandated to make the switch or face the possibility of having counterfeit liability fall into their laps.
If a financial institution--or a merchant--has not made the switch, it will be held liable for any card-present counterfeit fraud losses from this point forward.
The full News Now Top 10 stories for September:
WASHINGTON (9/23/15)--Corporate credit unions, reimbursement of credit union officials and employees, and Bank Secrecy Act regulations are the subject of a new CUNA letter to the National Credit Union Administration. The agency accepted comments on these regulatory provisions as part of its annual Economic Growth and Regulatory Paperwork Reduction Act review.
WASHINGTON (9/10/15)--The country's two largest debt buyers were hit with hefty fines Wednesday by the Consumer Financial Protection Bureau (CFPB). The bureau charged the two entities with illegal debt collection activities.
WASHINGTON (9/18/15)--Eight new credit union representatives, including six CUNA members, have been selected by the CFPB for its important Credit Union Advisory Council, the bureau announced today.
WASHINGTON (9/29/15)--Despite promises to “level the playing field,” the impact of nearly every CFPB rule to date has made it more difficult and expensive for credit unions to serve their members. That’s what CUNA wrote to U.S. House Financial Services Committee leadership Monday a comprehensive, 18-page letter sent in advance of CFPB Director Richard Cordray’s semi-annual appearance before the committee this morning.
WASHINGTON (9/21/15)--The CFPB finalized a rule this afternoon increasing the number of financial institutions able to offer certain mortgages in rural and underserved areas. CUNA supported most aspects of this rule when it was proposed, and the final rule is largely unchanged.
ALEXANDRIA, Va. (9/18/15)--Credit unions with under $100 million in assets are now considered “small entities” under the Regulatory Flexibility Act, the NCUA board decided Thursday. According to the NCUA, this means that 733 additional federally insured credit unions, and a total of 4,690 federally insured credit unions, are eligible for special consideration regulatory relief in future rulemakings.
WASHINGTON (9/10/15)--Credit unions and other financial institutions are invited to register for a National Cybersecurity Symposium: Building Law Enforcement and Financial Services Sector Partnerships at 37 field locations across the country on Oct. 21 or 22 depending on location.
WASHINGTON (9/23/15)--CUNA President/CEO Jim Nussle announced Wednesday that CUNA will reduce member dues in 2016. In a special edition of The Nussle Report, Nussle highlighted recommendations he made to CUNA’s board, which CUNA will be taking action to implement as soon as possible.
WASHINGTON (9/30/15)--An announcement on the CFPB’s upcoming mortgage rule will be coming before its Oct. 3 effective date, Cordray said Tuesday.
WASHINGTON (9/2/15)--Credit card issuers--and, yes, that means credit unions, too--and retailers have less than a month to embrace the global security standard developed by EMV before they start playing a game of liability hot-potato.