Representatives from the players in EMV, including a Canadian banker, shared their insights on EMV adoption in the U.S.
From left: Visa’s Kim Lawrence; FIS’s Bastian Knoppers; CPI’s Docia Myer; Canadian banker Stephen Fedor; and Northcard’s Mike Bradley, who moderated the panel.
Canadian institutions have already made the switch to EMV, so Fedor was able to assure the audience that “chip is good.” “It’s good because mag stripe technology is bad—it’s from the 1960s,” he said. “You can’t clone a chip.” In fact, Fedor likened it to the intro of the old television show Mission Impossible—“if you mess with a chip, it implodes.”
Fedor’s bank—CIBC—was the first Canadian bank to adopt EMV. By being first, he said his bank learned a lot, and others learned from it. “While you can learn a lot from the institutions that go first, if you’re the last credit union that converts, you’ll experience a lot of fraud and run the risk of being displaced.” Fedor’s advice: “Be somewhere in the middle.”
Six federal agencies published guidance last week designed to ensure all depository institutions are aware of expectations when it comes to deposit reconciliation. CUNA’s compliance explains what it means for credit unions in a recent CompBlog post.
CUNA is concerned with a report on consumer testing used by the CFPB to analyze periodic statement forms for consumers in bankruptcy, but concurs with some of its findings. The bureau issued a report in February on its study.