Fed governor said banks of $50 million or less in assets hit harder by need to staff up to meet compliance demands.
Credit unions got a bit of good news when the Federal Reserve reversed itself and announced that debit interchange fees will be capped at 21 cents a transaction, up from the original proposal of 12 cents, with a 1 cent fee for fraud prevention and a five basis point allowance...
This article about the Fed's move on the interchange cap is just one of the articles that will appear in the next print edition of Credit Union Times.
Contrary to the assurances of Illinois Senator Richard Durbin (D), the interchange cap which flows from the amendment that bears his name will reduce credit union income from debit card interchange.
NAFCU announced today that its board will meet with the Federal Reserve on Wednesday, Dec. 1, to discuss credit union issues.