Links in “Credit/Debit Cards”

Three trade groups write to the Office of Management and Budget in an effort to shut down the CFPB's plan to conduct a phone survey to assess consumer awareness of credit card dispute resolution provisions. CFPB's approach won't provide useful information, is materially flawed and inconsistent with statutory mandate, according to the associations. [7/2/14]

The CFPB has ordered GE Capital Retail Bank to pay the “largest credit card discrimination settlement in history,” $225 million, to compensate consumers for discriminatory and illegal credit card practices. The bureau found that GE Capital used deceptive marketing practices to promote add-on products, including deceiving customers as to their eligibility for benefits and not disclosing that customers were making a purchase. [6/27/14]

October 2015 is the date when card issuers on non-EMV enabled debit cards will have to begin assuming all liability for fraudulent debit card transactions if the transaction could not have been processed by an EMV-enabled debit card. Despite that, 17% of credit unions responding to a recent survey say that they do not intend to reissued their debit cards with the EMV chip by the 2015 deadline. [6/26/14]

Cybercrimes are taking their toll, with consumers losing confidence in financial institutions. 29% of U.S. consumers use their replacement cards less as a result of a fraud or breach. [5/23/14]

Rather than decline, as many industry players project, this report finds that credit card usage is expected to increase over the next five years. [6/18/14]

Survey of card issuers finds 70% of credit cards in the U.S. to migrate to EMV-enabled cards by October 2015. [6/10/14]

Sam's Club is rolling out this month a credit card with a microchip to prevent fraud, the first major retailer to make the switch to the embedded chip since the Target breach last year. [6/5]

As part of its voluntary participation in the Unified Agenda, the CFPB published its regulatory agenda for Spring 2014. The agenda includes rulemakings concerned with mortgages, defining larger participants, debt collection, payday loans and prepaid cards, and privacy disclosures. [5/27]

Survey finds that 60% of respondents would switch banks or stop going to a retailer if their card credentials were stolen in a breach. Card fraud concern is 7% higher than last year. [5/14]

The plan is for the U.S. to abandon the archaic magnetic strip technology and put a computer chip in every one of its consumers' 1.2 billion credit and debit cards over the next 18 months, finally exceeding the level of credit card security used in Mongolia and Papua New Guinea. [5/8]