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CU System
Filene to study effects of interchange shifts
MADISON, Wis. (7/8/10)--The Filene Research Institute is launching a survey intended to define the full effects shifting interchange rules will have on credit union operations, and credit unions have until July 16 to participate in the study. The online-only survey is available now for all credit unions. Adam Levitin, professor at Georgetown University Law Center, seeks to understand interchange practices and revenue at credit unions to project how changes in the law could affect non-interest income and profitability at credit unions. Any data provided will be published only in aggregate and will not identify individual credit unions, Filene said. The final financial regulatory reform package, worked out last month by the House-Senate conference committee, includes language that would allow the government to set interchange fees. Credit unions and the Credit Union National Association (CUNA) oppose the regulatory reform bill because of the interchange provisions. Allowing the government to set the fees would have detrimental effects on credit unions’ ability to offer card products and services to members, CUNA has said. The House already has approved the regulatory reform bill, and the Senate is expected to do so when the Congress returns to session after the July 4 District Work Period. Interchange provisions would not only affect how credit unions provide access to members’ accounts, they also would increase costs to credit union members. CUNA and its affiliated credit unions continue to urge legislators to vote no on the current regulatory reform package. To take the survey, use the link.
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