Duh!!! It's hard to conceive of a survey where consumers would not favor choices with which they are familiar over choices with which they are unfamiliar. Given that EMV has not yet been fully implemented in the U.S. and card issuers have made virtually no effort to educate cardholders on the tangible benefits of chip and PIN based on decades of fraud reduction around the world, it would be difficult to find American cardholders with sufficient knowledge of and experience with EMV technology to respond to this survey with any degree of credibility. The only thing that could make this research worse would be if it discouraged credit unions from actively leveraging EMV cards to protect members from fraud, ID theft and other such attacks.
—jrwells5
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January 2016 will be officially known as "vote with your check" month! If you didn't like the "discussion" from your league … you might just want to hold that check until there is a real discussion. Or, just cast your vote for NAFCU and beat the rush!
—Gregg Stockdale, President/CEO, 1st Valley Credit Union, San Bernardino, Calif.
Tick, tock. I have been slammed and insulted for opposing dual membership and being an outspoken critic on how CUNA wastes your members' money. Vindication is at hand. I have been right for 10 years and that is more important to me than being popular.
—Jason Dias, Eloquent Online, New Braunfels, Texas
"Shared Services: How to Compete and Win," Nov. 25
Kirk Kordeleski is largely correct in highlighting the huge role that CUSOs have played in the credit union system's successes. However, the credit union CUSO realm has largely been lightly-regulated and lightly-capitalized. The same federal government pressures that are focused on federally insured depositories forcing them to add net worth capital protections, and higher "real" deposit insurance reserve ratios (not double-counted) between losses and taxpayer bailouts, are just as applicable to the credit union industry's exposure to the "interconnectedness" of CUSOs and participating credit unions. Many of the existing CUSOs that are so vital to the credit union industry – those CUSOs involved in payment systems, for example – are thinly capitalized and so interconnected as to be inherently systemically important to the $1.1 trillion dollar industry and thereby deserving of the federal government's Financial Stability Oversight Council's designation as a systemically important financial institution. That would make those CUSOs subject to the Federal Reserve System Board of Governors' SIFI-level extraordinary supervision. Chew on that concept for a while, and the entire future scenario for CUSOs stands on its head.
—Marvin Umholtz, Consultant, Olympia, Wash.
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