WASHINGTON (UPDATED: 8/8/13, 2:30 P.M. ET)--Interchange, and the next steps for credit unions to expect as the result of a federal court ruling, is the subject of the latest episode of "Inside Exchange."
In this episode, Credit Union National Association General Counsel Eric Richard discusses with Paul Gentile, CUNA Executive Vice President of Communications, the court ruling striking down the Federal Reserve's rules on debit interchange, what that ruling means for credit unions--and what CUNA is doing about it.
CUNA has warned that the district court ruling will have "a potentially devastating impact on the ability of small debit card issuers, particularly credit unions, to continue offering this vital payments service to their members and customers."
CUNA currently is meeting with a broad coalition of finance industry representatives to chart a response strategy and approach to the court's decision, and is contacting Fed staff to detail the negative impact of the ruling on credit unions and other small card issuers as that agency considers an appeal.