CUNA's Initial Summary of the Fed's Interchange Rule

CUNA Regulatory Advocacy
July 1, 2011 | COMMENTS

Good evening. Today the Federal Reserve Board adopted a final rule on debit card interchange fee limitations and related issues.

The summary provides highlights of the rule as well as key points of an interim final rule the Board adopted on fraud prevention costs. While we would have all preferred no debit interchange rule, we believe the regulation issued by the Fed today contains important improvements from the proposal.

Those changes, while they could have been even better, are significant and are a tribute to the dedicated and relentless campaign of credit unions, leagues and CUNA. We want to thank all of you for your tireless efforts.
Rest assured, we will be looking for ways to improve the rule and will be continuing our work with the Federal Reserve Board and with Congress to ensure small issuers are protected from the impact of the debit interchange limits, as Congress said they should be.

Click here for CUNA's Initial Summary of the Fed's Interchange Rule.