Compliance

Credit unions across the nation are moving up their EMV conversion timelines, considering more class action lawsuits against Target Corp. and calling on Congress to create rules requiring greater payment data security from retailers.

WASHINGTON -- The Target Corp. data security breach and now the Neiman Marcus cyber attack have NAFCU asking NCUA to partner with the Federal Trade Commission and other regulators as new rules are made to ensure the safety of data security systems.

Neiman Marcus Group Ltd. said Jan. 10 that some unauthorized purchases may have been made with customer cards, the second retailer after Target Corp. to be struck by hackers during the important holiday season.

SmartMetric Inc. is launching a Bitcoin card protected with biometric fingerprint authentication. The card can be used as offline storage for bitcoins, but in the future it might also be used for payment.

MasterCard's recent commitment to its U.S. EMV-chip card migration timeline is only one piece of the puzzle. Now, all eyes are on Visa to see if it will support or counter its rival's move.

Target Corp., the second-largest U.S. discount retailer, cut its U.S. unit’s fourth-quarter forecast and said the recent security breach affected more people and more information than previously thought was taken.

PulseWallet, a biometrics payments provider, is again touting its payment and authentication device, but it must overcome a sudden emergence of competitors that is also trying to breathe life into an idea that has had spotty success in the market.

The European Commission is sticking to its original Single Euro Payment Area migration deadline of next month, but is establishing a grace period of an extra six months for banks and businesses struggling to make the switch to euro payment formats.

JPMorgan Chase is seeking a buyer for its corporate payroll, tax refund and health-savings prepaid card business.

The Consumer Financial Protection Bureau may consider expanding exemptions for credit unions and small lenders from its new qualified mortgage rule, depending on how the rule actually impacts the industry.