More than half of credit unions will miss a key October 2015 deadline that requires credit cards to be equipped with EMV chips, according to executives with major payment processing organizations.
This means a majority of credit union credit card programs will not qualify for liability relief from card fraud losses.
"Credit unions are definitely gearing up and picking up the pace," said Barney Moore, manager of card consulting services for CSCU, an association of credit unions affiliated with payment processor FIS. "But it seems unlikely that they will have gotten it done by next October."
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