Despite the documented ability of smart chips to cut fraud losses, experts say some credit unions and CUSOs have not moved very quickly to start issuing credit and debit cards enabled with the higher tech chips.
Now that regulations implementing the Durbin amendment are finalized–at least for the short term–credit unions have to decide how many debit networks they want and if they have to join any.
The Federal Reserve's most recent update of its rule implementing the Durbin amendment makes it a bit better for most CUs but leaves most of their deep concerns about the measure untouched.
NAFCU is teaming up with noted card processor to offer debit interchange guidance.
A second credit union has begun offering Visa's Signature Card, a card aimed at affluent, high-dollar spenders.
Consumers still used their credit and debit cards in May, but more slowly than they have been.
Baxter Credit Union is the second CU to offer Visa's Signature Card, a card aimed at the affluent and big spenders.
A majority of the credit unions around the country that issue cards will soon be able to offer merchant-funded rewards.
Accept this reality: How corporate credit unions were will not be again, at least not soon.
An FIS executive in charge of loyalty services said he sees targeting, cost-savings power of merchant-funded programs driving growth.