Newsroom

FOR IMMEDIATE RELEASE

Washington (Oct. 21, 2015) -- National Association of Federal Credit Unions (NAFCU) President and CEO Dan Berger issued the following statement in response to the House Small Business Committee's second hearing today on the EMV transition.

"As expected in the hearing today, retailers continued to focus on the red herring of PINs at point of sale, even though a PIN does nothing to solve the increasing pattern of fraud with card-not-present transactions, such as those that occur online. The EMV technology already makes cards safer at point of sale if a merchant is compliant."

"While we are not surprised by their focus, we are disappointed that retailers completely disregarded the need for national data security standards," said Berger. "The retailers' ‘chip-and-PIN' argument is a smokescreen to avoid working together with financial institutions to help safeguard consumers' valuable personal and financial information. NAFCU will continue our push for Congress to establish national data security standards for retailers and all those who handle sensitive consumer information."

The National Association of Federal Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation's federally insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. www.nafcu.org.

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Patty Briotta
Director of Public Relations
Office:703-842-2820
pbriotta@nafcu.org