Now that Alabama's largest credit union, the $2.6 billion Redstone Federal is officially a CUNA member once again, Joseph H. Newberry, its president/CEO, was doing his part in the interchange fight by rounding up local CU support to lobby Congressmen.
Newberry told Credit Union Times that he, like other CEOs, worries now about the mechanics of a two-tiered Visa and Mastercard pricing system involving retailer deals as consumers end up paying the long-run cost in higher fees.
"Look what happened after the Card Act went into effect," said Newberry. "Did consumers really benefit by getting lower rates?"
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