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Posted: Apr 19, 2016
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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
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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 7, 2016
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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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Posted: Mar 30, 2016
Categories: Credit Cards
Comments: 0
Author: Barney Moore

Torrance Community Credit Union recovered 100% of its charge offs for 2014

Charge offs on credit card balances have been on the decline since the peak of the great recession.  But, they still represent a bottom line reduction to income that are avoidable when properly managed by the credit union with cooperation from the borrower.  One credit union, Torrance, California-based Torrance Community Credit Union utilizes four strategies when it comes to charge offs.  Their approach, which starts with preventing charge-offs, is working. The 7,600 member credit union managed to recover 100% of its 2014 credit card charge-offs according to a recently published article in CU Times.

 

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Posted: Mar 29, 2016
Comments: 0
Author: Lou Grilli

Loyalty programs are undergoing changes on all fronts. American Express announced a new mobile app that will allow membership rewards to be used at the POS, presumably at a devalued exchange rate. Starbucks changed their long-standing rewards program by issuing “stars” based on dollar spend, rather than the number of transactions, causing some consternation among Frappuccino and Oprah Chai aficionados. The way credit and debit card issuers who offer loyalty programs view rewards is also coming under scrutiny.

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