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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.
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