A new CU Times survey completed in conjunction with the Tampa, Fla.-based Card Services for Credit Unions provided detailed new insights into how credit unions have fared with the EMV transition.
The survey, conducted in October and November 2015, found almost eight in 10 credit unions (78%) missed the notorious and highly anticipated Oct. 1 liability shift deadline, suggesting that the date marks the beginning rather than the end of a years-long national switch to chip-based credit and debit cards. Almost half (46.4%) of the 220 credit unions that completed the survey said although they weren't ready on Oct. 1, they are close to finishing their EMV transitions.
"Overall, we're generally pleased with where our credit unions are today," CSCU President Robert Hackney said. "As a result of our EMV funding program, essentially all of our members were enabled to issue on or before the Oct. 1 date. So far, hundreds of our members have either completed, started or have definitive dates to start issuing EMV cards."
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