In response to this letter sent by the NAAG, CBI in conjunction with the Iowa Bankers Association and the Iowa Credit Union League have issued a statement to Iowa's Attorney General Tom Miller asking that he either decline to sign the above mentioned NAAG letter, or to withdraw his support if already given.
- This is not a consumer protection issue;
- With or without a PIN, it's the chip that matters;
- PINs have nothing to do with data breaches;
- No technology is foolproof; and
- Financial institutions are focused on the future, not the past.
CBI holds the position that mandating the use of chip and PIN technology is a mistake that could potentially have greater consequences as fraud threats and methods evolve, and invites Iowa's Attorney General's office to further discuss what is a complex policy matter.
Read the letter to Attorney General Tom Miller.
Read NAAG letter to card brands and issuers.