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By October 2015, many U.S. banks will have replaced hundreds of millions of traditional credit and debit cards, which rely on data stored on magnetic strips, with new payment cards containing a microchip known as an EMV chip. While EMV cards offer enhanced security, the FBI is warning law enforcement, merchants, and the general public that no one technology eliminates fraud and cybercriminals will continue to look for opportunities to steal payment information. TECHNICAL DETAILS What is an EMV credit card? EMV Chip The small gold chip found in many credit cards is most often referred to as an EMV chip. Cards containing this chip are known as EMV cards, as well as “chip-and-signature,” “chip-and-pin,” or “smart” cards. The name “EMV” refers to the three originators of chip-enabled cards: Europay, MasterCard, and Visa. EMV chips are now the global standard for credit card security. With traditional credit cards, the magnetic … Continue reading
In June 2011, the FDIC sponsored the second National Survey of Unbanked and Underbanked Households to collect data on the number of U.S. households that are unbanked and underbanked, their demographic characteristics, and their reasons for being unbanked and underbanked. It is hoped that these survey results will help better inform policymakers and the industry about economic inclusion issues, and promote the goal of ensuring that all Americans have access to basic, safe, and affordable bank services.
Bi-Partisan Amendment to S. 782 – the Economic Development Reauthorization Bill
Mr. Bernanke acknowledges the complexity of Dodd-Frank as well as the essential role played by the debit card industry.
Mr. Bernanke acknowledges the complexity of the Dodd Frank Act as well as the essential role of debit cards.
Senators Hagan and Bennet note the potential harmful effects of the debit card rule upon small financial institutions.
Members of Congress write to Mr. Benanke to express fears over interchange regulations’ harmful consequences for small businesses and institutions.
The Federal Register’s 2010 complete initial proposal for interchange regulation.
A letter warning Mr Bernanke of interchange regulations potential harms to consumers and small businesses.
A letter from Senator Frank warning of the possible consumer harm which could result from interchange regulation.