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MasterCard CUNA team up for Aug. 17 interchange call
WASHINGTON (8/15/11)--MasterCard's 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 will be covered during an Aug. 17 Credit Union National Association (CUNA) audio conference call. The hour-long call will be free for CUNA members and is scheduled to begin at 2 p.m. ET. A Q&A session will follow the prepared portion of the presentation. CUNA members will be able to register for the call beginning later today. CUNA Chief Economist Bill Hampel, CUNA Deputy General Counsel Mary Dunn, and MasterCard Global Head of Public Policy Shawn Miles will lead the call. CUNA President/CEO Bill Cheney noted that “credit unions offering debit cards to their members have many questions in the wake of the Federal Reserve Board's final rule on debit interchange,” and thanked MasterCard for working with CUNA on the audio conference. A similar call with VISA representatives is being planned. The Fed's final rule 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 Fed-established fraud prevention standards. CUNA also recently covered the interchange rule from a compliance perspective with a now-archived Aug. 3 webinar. For that webinar, use the resource link.


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