Becker Urges Fed Restraint On Regulating Interchange
The Federal Reserve should exercise flexibility, not make decisions in isolation and consider the costs that credit unions incur when running card programs.
Those are among the requests made by NAFCU President/CEO Fred Becker in a letter to Federal Reserve Chairman Ben Bernanke.
Becker, who also requested a meeting with Bernanke, urged the Fed to examine the authorization, clearance or settlement costs of particular types of transactions. This will enable the Fed to "better able to accurately determine the full cost of processing different debit transactions." He urged the Fed to take these factors into consideration because "any interchange fee cap will cause operational concerns for NAFCU membership.