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News Now

Washington
Call-in info available for MasterCard interchange call
WASHINGTON (8/16/11)--Call-in information is now available for Credit Union National Association (CUNA) members wanting to participate in a free, hour-long call with MasterCard regarding its plans for a two-tiered debit interchange fee rate structure, how that rate structure will impact credit unions, and the anticipated time table for implementation. The call is scheduled for Aug. 17 at 2 p.m. (ET). A Q&A session will follow the prepared portion of the presentation. CUNA Chief Economist Bill Hampel, CUNA Deputy General Counsel Mary Dunn, and MasterCard Global Head of Public Policy Shawn Miles will lead the call. A similar call with VISA representatives is being planned. A Federal Reserve Board rule, implementing the interchange provisions of the Dodd-Frank Wall Street Reform Act, caps debit interchange fees for issuers with assets of $10 billion or more at 21 cents, and allows an additional five basis points per transaction to be charged to cover fraud losses. An extra penny may be charged by financial institutions that are in compliance with established fraud prevention standards. Use the resource links below to access the call-in information (CUNA members only) for the MasterCard call, review the Fed rule, and to see the Fed lists of names of card issuers that are and are not exempt from the interchange rule.
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