Credit Unions Not Flooding Fed With Interchange Comments
While the deadline for comments on the Federal Reserve's proposed cap on debit interchange remains more than a month away, credit unions have not flooded the regulator with their opinions about the proposal.
Fewer than 100 comments on the proposed rule have been posted to the Federal Reserve's website as of this morning, and many of those posted have not been from CUs.
One CU comment that has been posted was dated Jan. 4, 2011 and came from Ben Heyward, CEO of the $349 million First Financial Credit Union headquartered in Albuquerque, New Mexico.
"I am very concerned that most operational costs beyond our control, were ignored when setting the maximum amount of interchange fee," Heyward wrote in his short note. "As a result, we are being forced to pass along to our cardholders, additional fees to compensate us for the additional expense you did not consider.
Unfortunately, we are also forced to tell our membership why they are having to pay more fees and who is responsible for it. It is regretful that you passed legislation to protect consumers that will end up being more expensive for them."
Another, from Mary McLure on Dec. 17, ended more succinctly. "Stop helping us with such increasingly nonsensical rules. Do none of you understand that consumers ultimately pay for everything?"