Payments/Credit/Debit

Contrary to the assurances of Illinois Senator Richard Durbin (D), the interchange cap which flows from the amendment that bears his name will reduce credit union income from debit card interchange.

The Board of Governors of the Federal Reserve today proposed a rule which would cap debit card interchange at no more than 12 cents per transaction.

The impact of the Federal Reserve's proposed rule on debit interchange could be a "drastic" cut to CU debit card income, according to CUNA CEO Bill Cheney.

The Durbin Amendment to the Dodd-Frank financial reform act will likely cut credit union debit card income in the short term but may also spur further innovations in the payments industry.

The market for credit union credit card portfolios has slowed down.

A start-up credit reporting firm is offering consumers a way to start having their routine payments build up their credit scores while earning rewards at the same time.