Payments/Credit/Debit

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.

Credit Union 24 has partnered with Palmetto Cooperative Services to provide credit union-owned point-of-sale and surcharge-free ATM services to credit unions referred to the network.

Democratic Senator Richard Durbin, principal sponsor of the debit interchange amendment bearing his name, defended that amendment in a Jan. 18 letter to Illinois bank and CU trade associations.

On Dec. 16, the Federal Reserve Board released draft rules for comment on the Dodd-Frank Wall Street Reform Act,