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News Now

Washington
Interchange rule work continues CUNA
WASHINGTON (11/01/10)—The Credit Union National Association (CUNA) “continues to work to achieve a favorable interchange rule” while also watching the progression of a recent anti-interchange lawsuit against the U.S. government, CUNA President/CEO Bill Cheney said. Interchange provisions, which were passed as part of a comprehensive financial regulatory reform bill this fall, direct the Federal Reserve Board to write rules on interchange fees for debit card purchases. The interchange provisions exempt small credit unions and other financial institutions with under $10 billion in assets from any interchange changes. CUNA continues to discuss interchange issue with federal official and has also reached out to Treasury officials to discuss how their government programs that provide benefits through debit cards which are also exempt from the Fed's interchange rulemaking will be affected. Another meeting of CUNA’s interchange working group is also in the works. CUNA is also closely monitoring developments in TCF National Bank’s recent legal actions against the Federal Reserve. According to the TCF complaint, the interchange law is unconstitutional because it only applies to banks of a certain size and does not allow recovery of cost and profit for affected financial institutions. TCF also cited a lack of legislative history for the interchange amendment in its lawsuit. Cheney said that “while there is merit to some of the claims, the bank’s emphasis on problems created by favorable treatment for smaller institutions, including credit unions, raises concerns.” “A precedent must not be set that would, in effect, limit Congress’s ability to treat credit unions differently from banks under other laws,” Cheney added.


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