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Federal Reserve Reaching Out To CUs On Interchange Cap

The Federal Reserve has contacted CUNA and NAFCU as part of its preliminary work to come up with an interchange cap for debit cards issued by financial institutions with more than $10 billion in assets.

By David Morrison | Updated on August 29, 2010

The Federal Reserve has contacted CUNA and NAFCU as part of its preliminary work to come up with an interchange cap for debit cards issued by financial institutions with more than $10 billion in assets.

The recent financial regulatory reform law required the Fed to establish such a cap, a move credit unions viscerally opposed. Only three credit unions have assets of more than $10 billion, but credit unions worry that any cap on debit interchange will effectively cut their debit card income.

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