The year 2010 will be remembered as when the federal government got involved in how much interchange banks and credit unions earn on their debit card transactions.
The Durbin Amendment to the Dodd-Frank financial reform act will likely cut credit union debit card income in the short term but may also spur further innovations in the payments industry.
Even if the Federal Reserve Board crafts debit interchange regulations that are careful to exempt credit unions, CUs will still lose some debit interchange income from unfavorable network changes.
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Credit union credit card programs stand a very good chance of benefiting under the CARD Act of 2009 if they maintain their traditional consumer focus and conservative underwriting,