Change is in the cards, literally. Europay, MasterCard and Visa (EMV) technology is coming to the United States and bringing with it a host of benefits for cardholders and issuers, including enhanced security and international compatibility.

If embracing the future of card technology isn't incentive enough for credit unions to make the switch, both Visa and MasterCard already have plans to shift fraud liability to issuers and acquirers that aren't EMV chip-enabled starting in 2013 (more on this later). Like it or not, it's time to start thinking about the change.

But with that said, it might not be time for credit union card issuers to act – yet. Converting the nation's millions of cards, processing terminals and banking systems to EMV may take as long as a decade or more. During this process, credit unions may find themselves most appropriately in the position of managing change rather than spearheading it. The following is a brief overview on EMV: what it is, why your credit union might want it and how the transition to this new technology is likely to unfold.