Payments/Credit/Debit

Representatives of CUNA and NAFCU today urged lawmakers to be cautious before enacting legislation to revamp the rules regarding credit cards because going too far could hurt credit unions and limit consumer access to credit.

WASHINGTON - Visa appears to be taking a more open attitude toward the use of chips and personal identification numbers for card security and authentication.

Lawsuits from angry consumers and card issuers are not the only legal worries Heartland Payment Systems faces in the wake of its 2008 card security breach.

Visa has announced that Heartland Payment Systems and RBS Worldwide, a subsidiary of Royal Bank of Scotland, have been pulled from the list of merchant processors compliant with industry data security standards.

Even as plaintiff's lawyers swarm like hornets, its stock price has plummeted and it has had to cut its dividend, Heartland Payment Systems has not lost merchant processing clients as a result of the biggest card security data breach in history.

ORLANDO, Fla. - Consultants attending the Card Analysis Solutions Card Management School say that a greater percentage of credit unions are closing and reissuing credit/debit cards reported compromised in the Heartland Payment Systems breach.