As many credit unions across the country have begun to reevaluate their PIN debit networks in light of the Durbin amendment, it appears the largest card brand is also rethinking its debit pricing.
Visa changing debit pricing to merchants in attempt to prepare for competition after Durbin regulations.
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.
Community banks could lose money and consumers could have to pay higher fees if the Federal Reserve implements its debit interchange proposed rule as is, FDIC Chairman Sheila Bair wrote Federal Reserve Chairman Ben Bernanke.
TMG Financial Services, the card portfolio purchasing and agent issuing arm of the The Members Group, said it grew from both additional card portfolio purchases and from card use last year.
Even though the vast majority of credit unions never abused credit card holders the way many big bank issuers did,
The market for credit union credit card portfolios has slowed down.
Many bank card issuers have abandoned practices viewed as unfriendly to consumers, according to a consumer watchdog group that has long been critical of card issuing practices.
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An executive with CO-OP Financial Services reported that the ATM, EFT and shared branching CUSO will begin offering credit card processing to its participating credit unions in 2010.