Payments/Credit/Debit

Despite repeated assertions that a debit card interchange cap would not really hurt credit unions, CUs have begun to outline the cap's impact for the Federal Reserve.

According to the Board of Governors of the Federal Reserve, about 26 credit unions have written individual comments to its proposed cap on debit card interchange.

MasterCard has expanded its ATM Hunter service to the fast-growing Android platform, two years after providing the locator app for iPhones and about a year after it was launched for BlackBerry users.

Credit unions, banks and other supporters of making changes to the interchange rule have a friend in Rep. Barney Frank (D-Mass.), the top Democrat on the House Financial Services Committee.

A new website aimed at helping credit unions better educate and arm themselves against card fraud has been launched by the Credit Union Risk Council.

A spokesman for the Electronic Payments Coalition, a group formed to defend card interchange, predicted that the legislation authorizing a cap on debit card interchange would face strong opposition in this Congress.