Interchange: Make Your Voices Heard
On Dec. 16, the Federal Reserve Board released draft rules for comment on the Dodd-Frank Wall Street Reform Act, including the Durbin interchange amendment. Comments are due by Feb. 22, Final rules will be published by April 21 and take effect July 21.
The draft rules create as many questions as they provide answers, but the upshot is that $1.6 billion in annual interchange income is potentially at risk for credit unions. What can credit unions do?