The retailers are stepping up their defense of the Durbin Amendment and the interchange cap.
Everyone needs a Plan B in life–an exit strategy in case what you’re doing doesn’t pan out. Credit unions are no different.
WASHINGTON – Experts expressed doubt at Visa's Global Security Summit that the debit interchange changes would help fight card fraud.
WASHINGTON — Visa Global Security Summit panelists differed Wednesday over the effect of interchange changes but agreed it would complicate matters.
CUNA and NAFCU are hustling to get some last-minute lobbying on the interchange issue done before Congress goes on recess at week's end.
Federal Reserve Chairman Ben Bernanke told lawmakers today that the central bank won’t be able to make the April 21 deadline for releasing a final rule to regulate interchange fees.
An expert in consumer behavior with checking accounts and debit cards has predicted that a proposed cap on debit interchange might, in the end, lead to more debit card transactions.
Credit unions and other opponents of the Federal Reserve’s proposed rule capping debit interchange fees received good news last week when bills to delay the rule’s implementation were introduced in the Senate and House.
Overturning a proposed debit interchange cap on legal grounds may set a precedent against exempting credit unions from future regulations that affect large banks and other financial institutions.
Credit unions should continue to throw themselves body and soul into fighting a looming cap on debit card interchange, but should do so without any significant expectation that they will succeed.