Payments/Credit/Debit

A new partnership between Financial Service Centers Cooperative Inc and a leading online foreign exchange company now allows participating CUs to offer their members foreign exchange.

Two members of the Senate Banking Committee wrote Federal Reserve Chairman Ben Bernanke asking him to "create a workable small issuer exemption," in the debit interchange rule that the Fed is writing.

CUNA says the Fed's proposed interchange rule would have adverse effects for credit unions and that it should work with Congress to delay implementation by two years to further study the issue.

CUNA says the Fed's proposed interchange rule would have adverse effects for credit unions and that it should work with Congress to delay implementation by two years to further study the issue.

Call it a sign of the times that when consumer card advocate Bill Hardekopf of LowCards.com praised two cards' debit rewards programs, they were not cards issued by financial institutions.

NAFCU is "deeply concerned," about the Federal Reserve's proposal to regulate interchange fees and contends that the "supposed small issuer exemption is illusory" and won't protect small issuers.