WASHINGTON — Experts familiar with the debit interchange fight urged credit union leaders at CUNA's Governmental Affairs Conference to prepare for the best on the pending rule but prepare for the worst.
The Federal Reserve proposed a rule to implement the Durbin Amendment to last year's financial reform law that could potentially cut debit card interchange for credit unions. The new regulation is scheduled to go into effect in July.
A panel of experts on different facets of the topic explored the different perils it presented for a break out session at CUNA Governmental Affairs Conference. The consensus of the panel was that Congress or the Federal Reserve could possibly act to delay the application of the rule or even repeal it, but that credit unions should not plan on that.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
