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CUNA Witness Attacks Debit Exemption as Meaningless

A credit union executive testifying on behalf of CUNA before the House Financial Services Committee charged that the exemption meant to protect small asset debit card issuers from an interchange cap was essentially "meaningless."

By David Morrison | Updated on February 16, 2011

A credit union executive testifying on behalf of CUNA before the House Financial Services Committee charged that the exemption meant to protect small asset debit card issuers from an interchange cap was essentially “meaningless.”

First, there is a question of whether payment networks will maintain dual interchange schedules, one for those debit card issuers subject to the cap and one for those who are not, contended Frank Michael, the CEO of Allied Credit Union.

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