Links in “Credit/Debit Cards”

The CFPB has released its biennial consumer credit card report, titled, “The Consumer Credit Card Market.” The report identifies a number of card issuer practices, outlining areas of concern as well as potential areas of future regulatory scrutiny. [12/9/15]

According to a recent CFPB study, the Credit Card Accountability and Disclosure (CARD) Act has helped reduce the amount of credit card fees paid by American consumers by more than $16 billion.  However,the report cites costs that still remain a concern to the CFPB. [12/4/15]

With card fraud running rampant here in the U.S., it's important to sort the fact from fiction when it comes to credit card vulnerabilities. Make sure your members are well informed about card fraud threats and misconceptions. [12/1/15]

A recent study reveals that 78% of credit unions missed the deadline for the liability shift for cards without EMV chips.  This shows that while many credit unions had good intentions of meeting the deadline, the actual ability to meet the deadline proved to be  much more difficult. [11/20/15]

As a latecomer to the EMV (Europay MasterCard Visa) party, the U.S. can look to it's northern neighbor to see how such cards may perform domestically. For Canada, fraud losses for counterfeit and lost/stolen transactions fell from $245.4 million to $111.5 million in the first five years of the EMV adoption. [11/18/15]

A new CUNA study reveals that CUs dealt with a walloping $6.6 billion in regulatory burden impact in 2014. The survey revealed a median compliance cost of 49 basis points of credit union's assets; this was partnered with an unfortunate median reduction in revenue opportunity of 10 basis points of assets. [11/17/15]

According to the CFPB’s snapshot of complaints for credit cards, the two issues that consumers are most steamed about are late fees and confusing payment processing schedules. The companies that received the most complaints, accounting for about 60% of credit card complaints, were Citibank, Capital One, GE Capital Retail and JPMorgan Chase. [10/29/15]

In its fourth installment of its monthly complaint reports, the CFPB turned its spotlight on credit card complaints. It found that confusion over how late fees are assessed was the primary issue raised in complaints involving credit cards. [10/29/15]

ATMs rarely make profits for the credit union. Instead, they represent depreciating assets that are continuing sources of expenses in time and management costs. Outsourcing your ATMs can free up employee time, lower the credit union’s operational costs, and eliminate the expenses involved in handling upgrades and hardware replacement costs. [10/27/15]

The CFPB's proposed ban on class-action waivers in arbitration clause may mean that your credit union will find itself in court more often. [10/26/15]