Hans Iverson, senior vice president/director of lending at Plymouth, Minn.-based TruStone Financial Federal Credit Union, has never been one to shy away from a challenge.
Since U.S. District Judge Richard Leon issued his shocking decision on July 31 that called for even more draconian price controls under Dodd-Frank’s Durbin Amendment, some legal commentators have given him the benefit of the doubt.
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.
Credit unions are hoping for relief from the courts and an improved rule from the Federal Reserve following the Senate defeat of an amendment that would have delayed the Federal Reserve’s rule regulating debit interchange fees by up to a year.
New debit cap "is going to create a train wreck that will affect every consumer with a debit card," says CUNA President/CEO Bill Cheney.
A Minnesota based national bank has challenged the constitutionality of the law that would, for the first time, regulate debit card interchange.