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Posted: Apr 27, 2016
Comments: 2
Author: Lou Grilli

A common counter argument to the move toward mobile payments is that credit cards are not broken, and that swiping or inserting a credit card works perfectly fine. And those people would be right. Credit cards are not going away anytime soon.  However, subtly and surely, the plastic cards we most closely associate with payments are disappearing. Heck, there is much written about that currency will be a thing of the past in the not so distant future.  Yes, we do carry less cash than we used to, but there still are times we need to have some “real” money in hand.

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Posted: Apr 19, 2016
Comments: 0
Author: Paul Castner

Bon voyage! The CSCU Solutions Conference 2016 (SC16) sets sail at Disney’s Yacht & Beach Club in Orlando.  With more than 300 attendees, 30 breakout sessions, 3 keynote speakers, and the partners’ solutions showcase, SC16 is shaping up to be the biggest and best CSCU conference to date for credit unions. Importantly, SC16 is an industry leading educational event that will deliver timely and relevant thought leadership insights and information to help credit unions navigate through the many changes going on in the world of payments.

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Posted: Apr 15, 2016
Comments: 0
Author: Lou Grilli
Summary: Any issuer of credit must submit their current credit card (consumer) agreements to the Consumer Financial Protection Bureau (CFPB) via email to CardAgreements@consumerfinance.gov no later than May 2. This requirement was in effect in the past, and was suspended, but has now been reinstated. This is a quarterly submission and the next due dates are August 1 and October 31. The August 1 deadline applies to agreements offered to new customers on June 30, while the October 31 deadline applies to agreements offered to new customers on September 30.
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Posted: Apr 13, 2016
Comments: 0
Author: Paul Castner

Record turnout expected. Renowned speakers. The Payments Review will be there!

It seems like we just unpacked the boxes from last year’s CSCU Solutions Conference (SC), but here we are again with our 2016 annual conference just a few days away.  SC16 runs from April 20-23 and is being held at Disney’s Yacht and Beach Club in Orlando, a world-class resort and conference center that just happens to be connected to some rather famous theme parks.  The venue, the agenda, the speakers, the weather, and the fun are all key ingredients to making SC16 shape up as arguably one of CSCU’s best conferences. 

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Posted: Apr 7, 2016
Comments: 0
Author: Lou Grilli

As more POS terminals are being upgraded to EMV chip-ready, and more credit unions are getting chip cards in the hands of their members, questions regarding fallback transactions are being generated. 

 What is a fallback transaction?

Simply stated, a fallback transaction occurs when a chip card is presented to a chip enabled terminal ("chip-on-chip"), but the transaction is conducted as a swipe, usually due to the terminal unable to read the chip on the card. This could be due to a defective or scratched chip, a terminal or network incorrectly configured or with a chip reader that is defective (all legitimate reasons for fallback), or a chip intentionally damaged so it cannot be read, on a counterfeit card encoded with magnetic data stolen from a chip card. 

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