I'm a little confused about the upcoming chip-based technology with an implementation date of October 1, 2015. Is this a requirement for both debit and credit cards? From what I've read, the bank's liability increases after October 1 if it have not implemented the EMV technology. Is that correct? Also, for ATMs, is the requirement further down the road - October 2017 maybe?

Also, how is there more liability after October 1? Banks have a lot of the liability anyway, so I'm just trying to figure out the additional liability to come.

It isn't really increased liability for issuers, it is a liability shift. Effective Oct. 1, 2015 the party that has invested in EMV deployment is protected from financial liability for fraud losses on card-present counterfeit card transactions. It is the merchants who are not EMV capable after that date that will have increased liability.

The liability shift for ATMS is further down the road but I do not recall the exact date (it has changed a time or two already).

There is no actual requirement for anyone to deploy EMV, but the liability shift and added security of the technology should give merchants and card issuers enough incentive to proceed with it.

So, if the bank does not have "chip" cards ready by October 1, there is no greater liability for the bank than what already exists? The additional liability lies with the merchant who may not be ready?

That's correct, you just wouldn't benefit from the liability shift.