THE 'tude

In 2012, Whitefish Credit Union decided to take a slightly different approach to connect with area high school students by starting a Junior Board of Directors.

The NCUA approved 12 mergers in March 2015,  which is down from the 22 mergers in March of last year. 

It has been less than seven years since the occurrence of the event in credit union history often referred to as the “corporate crisis.” And yet, those who should have the most knowledge of what happened continue to misinterpret and wrongly state the actual facts. It is disturbing to continually read news accounts that are inaccurate and poorly researched.

Ready or not, the migration to chip-based cards using the EMV specifications is underway. While there is growing urgency due to a looming liability shift and increasing market pressures, many financial institutions are overwhelmed by the number of decisions that must be made – and made quickly.

We’ve all known the beautiful girl who shies from the camera, insecure that all the other girls are prettier. The gifted leader who dodges leadership assignments, confident everyone else is better. That “great little restaurant” where you can’t get in, but the owner fears the bigger restaurateurs have it all figured out. Credit unions, meet thyself.

A year ago I sat down with Bob Hackney, CEO of CSCU, and while there was much to talk about in the card processing/payments business, but one issue overshadowed all: the 18-month countdown to the liability shift in credit cards from merchants to issuers, IF the issuer didn’t convert their portfolio to EMV, or chip cards. Would everyone make it? Would anyone? There were rumors of card stock shortages and fraudsters hacking EMV. The deadline for conversion and the rumors remain. And yet all that seems so 2014.