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President Obama, during an event held at CFPB and attended by NAFCU President and CEO Dan Berger, on Friday called for the deployment of chip-and-PIN security for credit and other payment cards and urged Congress to “act with urgency” on data breach legislation.
The Payments Security Task Force, of which NAFCU is a member, announced a forecast estimating that at least 47 percent of U.S. merchant terminals will have EMV chip-and-PIN technology by the end of 2015.
More than 500 financial institutions have reportedly signed on for the Apple Pay system, which launches today through Apple's iPhone 6 and 6 Plus, and Apple Watch.
As leaders, we know it's important to ask questions, and to ask them well. "Why did you think that was a good idea?!" is a great way to go only if you don't want a constructive answer.
A proposed interagency rule from NCUA, CFPB and federal banking regulators on flood insurance is slated for action during the NCUA Board's Oct. 23 open meeting, which will also include review of a corporate proposed rule.
NCUA said a second proposal on risk-based capital – which NAFCU has been pressing for over the past year – could be issued for comment before the end of this year. The amended proposal will include a longer implementation period and revised risk weights for mortgages, investments, member business loans, credit union service organizations and corporate credit unions, among other changes.
Results of NAFCU's October 2014 Economic & CU Monitor survey show credit unions' concern and focus on data and cybersecurity in order to safeguard their members.