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News Now

Washington
VisaCUNA interchange call Debit rates out soon
WASHINGTON (8/24/11)—After teaming up Friday for a conference call with the Credit Union National Association (CUNA) on debit card interchange fee issues concerning credit unions--and announcing its new rates for institutions with under $10 billion in assets would soon be released--Visa began sending to credit unions its new debit card fee structure. Earlier last week, MasterCard participated in a CUNA call with credit unions and reiterated its pledge to implement a two-tiered debit interchange fee structure, and added the company currently plans to keep its existing market-based rate structure in place for credit unions and other financial institutions with under $10 billion in assets. Visa also created a two-tiered system, although some changes were in the works. Credit unions within the Visa network that have not yet received rate information should contact their Visa representative. As background, the Dodd-Frank Wall Street Reform and Consumer Protection Act required the Federal Reserve Board to regulate debit interchange fees for issuers with assets of $10 billion or more. The Fed final rule set a cap of 21 cents, and allows an additional five basis points of the value of the transaction to cover fraud losses. An extra penny may be charged by financial institutions that are in compliance with Fed-established fraud prevention standards. Credit unions and other institutions with under $10 billion in assets are exempt from the rate cap provisions of the rule.


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