The Federal Reserve Board has reached out to credit union trade associations as part of its first steps toward crafting a cap on debit card interchange.
Executives with both CUNA and NAFCU confirm that they have met with Federal Reserve regulators charged with developing the debit-interchange regulation and that the regulators have sought their input. Sources have also confirmed that the central bank will distribute a survey to both the large-asset debit card issuers and debit card processors to gather data about how the issuers have structured their debit card programs and how the processors handle debit card transactions.
NAFCU and CUNA executives said they are primarily interested in giving regulators a full picture of the costs that debit card programs carry. Having a complete understanding of the costs will help the regulators set an interchange cap that might come closer to covering those costs, the executives explained.
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