Education on Interchange Impact Heats Up
Led by the national credit union trade groups, state trade associations began planning this week to enhance their online information programs to help educate credit unions and plot impact strategies in connection with the Federal Reserve’s new debit interchange rule.
NAFCU said next Wednesday it will conduct a “Living with the Fed’s New Interchange Rule” webinar while CUNA said it has a “podcast in the works” perhaps early in the week covering the topic.
The Pennsylvania Credit Union Association said it is “is in the early stages of planning a webinar to discuss” the Fed’s 21 cents cap which takes effect Oct. 1.
The Texas Credit Union League said it is hosting an “executive briefing” next Tuesday on the Fed rule “tailored toward understanding the exemption, how the rule will impact institutions under $10 billion and where the opportunity is in this environment.”
Texas CUs need to know “the insights as to how the playing field has changed and how to best plan their next move,” said the league
The Michigan Credit Union League, issuing special “Monitor Extra” emails, said that “moving forward, we’re hopeful the small issuer exemption will hold up and give our members an advantage in the marketplace.”
In promoting the webinar, NAFCU CEO Fred Becker cautioned again that CUs need to “have plans in place” for the income reduction triggered by the new Fed rules and to develop firm strategies for making up lost interchange income including cost cutting, bundling and repricing.