The Committee on Small Business will meet for a hearing titled, The EMV Deadline and What it Means for Small Businesses: Part II. The hearing is scheduled to begin at 11:00 A.M. on October 21, 2015 in Room 2360 of the Rayburn House Office Building.
On October 7, 2015, the Committee heard from financial transaction providers on the Europay, MasterCard, Visa (EMV) chip payment system and the ongoing nationwide implementation which began on October 1, 2015. The upgraded technology is designed to protect against cybercrime and fraud. Small businesses that have not installed the new technology will be more vulnerable to cyber threats and they will be held liable for certain incidents of fraud. According to a recent study, less than forty-nine percent of small businesses were aware of the October deadline and liability shift. This second hearing on the shift to EMV chip technology will allow the Committee to receive testimony from small businesses about the challenges and implications of the transition.