Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
CUNAs Hampel explains interchange impact in IN.Y. TimesI
NEW YORK (6/28/10)--Some retailers may discriminate against small debit-card issuers, including credit unions, when new interchange provisions, which are part of the overall federal financial regulatory reform package, potentially go into effect, Bill Hampel, chief economist for the Credit Union National Association (CUNA), told The New York Times Friday. Both houses of Congress are slated to vote on the financial reform bill in the next few days, wrote Rob Lieber and Tara Siegel Bernard in an article titled, “From Card Fees to Mortgages, a New Day for Consumers”--a rundown of the financial reform bill. Because cards from small issuers such as credit unions do not provide retailers with as much interchange income, retailers could be less inclined to accept them, the Times noted. “It is not clear what the Fed will do or how the big banks and Visa and MasterCard will react,” said the Times. “This could take a few years to play out, or many years if lawsuits start flying. Some merchants may try to play fast and loose with the rules too.” Hampel told the Times that small retailers might happily accept debit cards with the names of big banks that they recognize and then ask shoppers with cards from no-name institutions to use cash or some other card. To read the article, use the link.
Other Resources

RSS





print
News Now LiveWire
Final field-of-membership rule tops April 30 NCUA agenda http://t.co/gFIhRhUCts
16 hours ago
.@CUNA's @Nussle speaks to @VonnieQuinn about #StoptheDataBreaches and reg. relief. http://t.co/TMTubG9Afk
17 hours ago
RT @NCUFoundation: .The Foundation's @hylandhighway with @NatlJumpStart President/CEO Laura Levine at #FLHillDay2015 today: http://t.co/ep5…
20 hours ago
Seriously underwater homes rise, new-home sales tumble News Now: http://t.co/2LzWTkqnES
20 hours ago
#NewsNow Cornerstone Foundation awards $71K in grants http://t.co/Y6D8K9rwWv
22 hours ago