Earlier this year, the Credit Union National Association tried to tout a survey of its members to support the claim that credit unions have been hurt by debit swipe fee reform.
Saying that the debit card swipe fees set by the Federal Reserve were neither reasonable nor proportional, the National Retail Federation and other groups have sued the agency.
Retail groups say Fed has failed to regulate swipe fees under intent of Dodd-Frank.
Now that regulations implementing the Durbin amendment are finalized–at least for the short term–credit unions have to decide how many debit networks they want and if they have to join any.
A credit union executive testifying on behalf of CUNA before the House Financial Services Committee charged that the exemption meant to protect small asset debit card issuers from an interchange cap was essentially "meaningless."
A coalition of public interest groups and think tanks generally regarded as conservative has come out with a statement urging Congress to reject the so-called Durbin Amendment that would regulate debit card interchange.