Links in “Credit/Debit Cards”

According to credit unions responding to a recent NAFCU survey, the answer is “yes.”  The survey data shows that on average credit unions spent $226,000 and 1,600 man hours last year dealing with credit and debit card fraud issues caused by merchant data breaches. [2/19/15]

Personal identification numbers, or PINs, continue to be a target for criminals. The Payment Card Industry (PCI) Security Standards Council has released an updated version of the PIN Security Requirements to enhance usability and understanding by stating the requirements in a more granular manner. In this video, AffirmX’s CIO Dennis Agle highlights the requirements important to financial institutions. [12/13/15]

Illinois CU League President/CEO Sean Hession says that the league didn’t know that card issuer Continental Finance Company (which was issuing credit cards branded through Services CU, a privately-insured corporate credit union sponsored by the League) was engaged in illegal practices. Hession said the contract with Continental was negotiated in accordance with due diligence standards and that the relationship was established with the intent to provide credit card services to the underbanked and underserved. [2/12/15]

ABA tells Congress that a uniform federal data breach law is needed to preserve consumer confidence with their credit and debit cards. [2/6/15]

Continental Finance Company LLC must refund $2.7 million to consumers and pay a civil penalty of $250,000 for charging illegal credit card fees. [2/5/15]

The CFPB is asking a federal district court to ban Union Workers Credit Services from offering any type of credit product or service after the company took part in a “bogus credit card operation.” [2/4/15]

A recent CFPB report shows that college students are choosing to use debit cards over credit cards. This trend is largely attributable to the 2009 CARD Act's disclosure requirements, which have triggered a 70% drop in credit card offers. [2/3/15]

Study finds that a card user can be identified with more than 90% accuracy just by looking at four purchases, even after the companies wiped away personal details of the transactions. [1/30/15]

Quarterly survey of bank risk officers finds that while the job picture is improving, wage growth isn't keeping pace, which could lead to people getting overextended on credit cards and higher delinquency rates. Here is their forecast for credit cards, student loans, and housing loans. [1/22/15]

The Supreme Court has declined to hear an appeal filed by retailers to overturn a lower court opinion that held that the Federal Reserve Board acted within its authority in setting the current cap on debit card interchange fees. NAFCU and CUNA both commended the court for its action, but continue to argue that the current caps are too low. [1/21/15]