Payments/Credit/Debit

WASHINGTON — Interchange is the tip of the regulatory burden iceberg.

Challenges can be turned into opportunities. Look how some credit unions are taking advantage of the banking crisis to get their brands in front of consumers.

Some members of credit unions that sold their card portfolios to banks in agent-issuing agreements will face another round of fees in May as Bank of America has announced it will impose a $59.00 additional fee on some accounts.

Last year, Congress passed landmark legislation to reform the interchange fee system in America. This bipartisan effort came after years of congressional hearings and Government Accountability Office studies that made clear that the interchange system was on an unsustainable course.

Since its introduction last year as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the interchange price cap amendment has been a source of great consternation for our industry. NAFCU, both in principle and substance, has fought it fervently.

If you don’t tell people what is on your mind, they’ll never know. The credit union industry has taken this to heart on the interchange issue.