Links in “Credit/Debit Cards”

If you consider the 900-page proposed rule as an indication that the CFPB is very concerned about prepaid debit cards and other prepaid accounts, you would be right!  Read this blog to get an understanding of the enhanced scope of this rule and how it could impact your operations. [11/18/14]

Credit unions have heard the warning and are scrambling to be ready for the conversion from slide-and-sign to pin-and-chip.  See how some credit unions and card processors are trying to make the transition a little easier. [11/10/14]

According to researchers in the UK, the card system developed by Visa for use in the U.S. doesn’t recognize foreign currency transactions and can be tricked into approving such transactions for up to $999,999.99. In addition, the contactless technology could allow a thief carrying a card reader designed to read a card that’s stored in a wallet or purse to conduct fraudulent transactions without the victim ever removing their card. [11/4/14]

Research company sends mystery shoppers into six banks and finds that two-thirds of the time, consumers come away not understanding credit card terms. [10/14/14]

Credit unions often rely on plastic card income and interchange fees, but mobile devices, apps, and currencies bypass traditional financial institutions and interchange services. A key defense can be to focus on building relationships rather than increasing transactions. [10/6/14]

Bank of America, which already offers the EMV chip technology in its credit cards, is rolling out the technology to its debit cards when replacing expired cards and to new customers. Merchants have until October 2015 to place new payment terminals to accept the chip cards, otherwise credit card companies have threatened to pass the fraud liability to the merchants. [10/1/14]

Survey finds point-to-point encryption and tokenization come out ahead of EMV chip technology when it comes to effectiveness at reducing card fraud. [10/1/14]

When it comes to advertising, the Consumer Financial Protection Bureau has its eye on financial institutions. And with the coming holiday season and the spike in advertising that frequently accompanies it, expect the CFPB to be on the lookout for all kinds of false claims, but for one kind in particular. AffirmX's Jane Pannier describes what the CFPB has identified as deceptive and/or abusive to consumers and the guidance they've published to combat this issue. [9/30/14]

The CFPB has announced Project Catalyst—a research program designed to assess the effectiveness of credit card counseling for consumers. The program is especially designed to investigate early intervention tactics to calibrate programs to most effectively help consumers' protect their credit futures. [9/26/14]

U.S. Bank will pay $48 million in relief to customers and $9 million in penalties to the CFPB and OCC for issues related to the practices of its third-party vendor, Affinion, in handling credit card add-on services. [9/26/14]