On May 28, MasterCard issued a press release addressing a change in MasterCard’s limitation of liability of cardholders for unauthorized use (“Zero Liability”). The following revisions to the rule are effective Oct. 17, 2014. Click here to read the full story.
On July 21, DIFS issued Bulletin No. 2014-14-CU, which replaced Bulletin 2005-09-CU from June 2005. The bulletin clarifies various reserves covered in Section 386 of the Michigan CU Act and sets forth reserve requirements for state chartered credit unions. Click here to read more.