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CUAD Compliance InfoSight available to Dakota CUs

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BISMARCK, N.D. (12/3/12)--The Credit Union Association of the Dakotas (CUAD) is making its CUAD Compliance InfoSight available to all affiliated credit unions in North and South Dakota.

CUAD is the 42nd state league to sign on with League InfoSight Inc., a Georgia-based corporation, said CUAD. 

CUAD Compliance InfoSight is a free online compliance resource for CUAD members. The Web-based resource provides credit union staff, management, and volunteers 24/7 access to compliance questions, topics and issues that affect credit union operations on a federal and state level.

Each league creates and updates its state information, which is shared across state lines so users can access information from all the other states.  So far, 45 leagues and the Credit Union National Association participate in InfoSight, a repository of searchable federal compliance information and a storehouse of state-specific data. 

The new service "is another key addition to the value and service that our member credit unions receive from the association" said Amy Kleinschmit, director of compliance. She added the service "will help our credit unions to stay on top of the most important issues on which regulators and examiners focus.  It supports and enhances our current compliance services."

OpSS Council paper discusses card chip technology

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MADISON, Wis. (12/3/12)--Will smart cards be the standard for U.S. plastic payments within the next five years? According to a new white paper from CUNA Operations Sales and Service (OpSS) Council, that will be the case if major card companies' wishes come true.

Visa, MasterCard, Discover and American Express all have recommended timelines to make smart card technology the standard in the U.S. by 2017.

The paper, entitled "The Smart Card Timeline: Moving From Mag-Strive to EMV Technology," explores the merits and complications of switching from magnetic stripe to smart card technology.

EMV stands for Euro, MasterCard and Visa, a global inter-operation of integrated circuit or chip cards and point of sale terminals that is used in authenticating credit and debit card transactions. The U.S. has lagged behind other countries in adopting the smart chip technology.

The CUNA OpSS Council paper discusses factors that are converging to make the migration to smart cards more likely and palatable to the U.S. market. These factors include global acceptance, mag-stripe obsolescence, soaring counterfeiting and fraud trends, and the increasing popularity of mobile transactions, it said.

The paper also noted that cooperation will be needed to complete a shift to smart cards, with major investments from all players-consumers, retailers, card issuers, processors and equipment vendors.

The white paper is available online by using the link.  CUNA Council members are eligible to receive complimentary copies of more than 300 CUNA Council white papers.  For more information, use the link.