Citing a potentially devastating impact on credit unions, both CUNA and NAFCU urged the Obama administration to endorse a delay in the implementation of the Federal Reserve's rule regulating debit interchange fees.
"The proposed rule is a recipe for consolidation and also for higher fees for consumers,'' NAFCU Executive Vice President Dan Berger wrote in a letter to Austin Goolsbee, chairman of the White House Council of Economic Advisers
Berger added that while merchants will have reduced costs. By contrast, for credit unions there will be "reduced income and increased costs are necessarily borne by the credit union's members."
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