Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Heartland podcast features Cheney on interchange
WASHINGTON (3/8/11)--A Washington, D.C.-based think tank, The Heartland Institute, recently interviewed Credit Union National Association (CUNA) President/CEO Bill Cheney on the impact of the Dodd-Frank Act-imposed debit interchange rule. The interview was for a podcast included in the institute’s series on financial issues. Cheney, the sole interview on the podcast, reiterated the concerns that credit unions and other debit card issuers have regarding the Dodd-Frank Act mandate that the Federal Reserve Board cap debit card fees, but without being able to consider all the costs that go into the service. “There are flaws in the legislation and they are being translated into regulation,” Cheney told interviewer Erin Greenwood. He warned that the long-term consequences of these flaws will be that consumers will pay more for debit card service. Cheney noted the “eleventh hour” passage of the interchange language by the U.S. Congress last year, and said that CUNA is seeking a delay in the July implementation date of the Fed’s proposed interchange rule. He said CUNA is urging Congress to take time to study any legitimate interchange issues through the regular hearing process, a process, he noted, the interchange amendment escaped the first time around. Use the resource link below to access the entire podcast.
Other Resources

RSS print
News Now LiveWire
Why is a #creditunion a good fit for you? http://t.co/i4pGT98mkT via @MONEY
15 hours ago
The numbers are in: Home Depot data breach impact on #creditunions = $57.4 million, 7.2 million credit/debit cards http://t.co/jorYSOYuxj
16 hours ago
.@Nussle : We'll back off when retailers accept their breach responsibility #NewsNow http://t.co/7WxDXicb6j
18 hours ago
RT @asmarterchoice: RT @daily_finance: Top 5 money management tips for 30-somethings http://t.co/mWRfDRSTE7
19 hours ago
Operational efficiencies focus of new @CUNA program #NewsNow http://t.co/qBYHKVYeQN
19 hours ago