Major card networks have announced changes to their chargeback policies, with the changes becoming effective in the coming weeks. The changes come as a result of complaints of ballooning chargebacks stemming from EMV migration.
Only 38% of CUs anticipated their credit card program to comply by the EMV liability shift, according to CUNA’s 2015 Credit Card Survey, and 36% of CUs didn’t expect full EMV functionality until at least the end of 2016.
FinCEN issued a list last week of frequently asked questions regarding Customer Due Diligence requirements for financial institutions. The document contains 24 sets of questions and answers, which are also available on. CUNA’s CompBlog .
The CFPB is expected to release its proposal on debt collection in conjunction with a July 28 field hearing in Sacramento, Calif. CUNA has met with the bureau a number of times to address the forthcoming rulemaking.