WASHINGTON (10/19/15)--CUNA has taken to the steps of Capitol Hill this week and last to dispel retailer myths about data security, in advance of a hearing on EMV chip technology. The House Small Business Committee will conduct a hearing titled “The EMV Deadline and What it Means for Small Businesses: Part II” Wednesday starting at 11 a.m. (ET).
CUNA spent last week, and will spend this week, meeting with members of the House Small Business Committee to provide them with information about credit unions’ role in issuing EMV cards, and helped to refute merchants’ claims about the state of data security.
CUNA believes merchants should be held to the same strict data security standards as financial institutions under the Gramm-Leach-Bliley Act.
The Capitol Hill effort was organized by the Electronic Payments Coalition, of which CUNA is a member.
EMV refers to a new payment card security standard that uses a chip embedded within a credit or debit card to transfer payment data. Card issuers are responsible for issuing the chip cards, while merchants are responsible for adding EMV capability to point-of-sale systems.
Starting Oct. 1, all liability for card-present fraud shifted to the least EMV-compliant entity.
In addition, CUNA and its coalition partners wrote to committee members Friday outlining several key points in advance of Wednesday’s hearing.