Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
Cheney Conveys Interchange Message At DCUC Meeting
WASHINGTON (8/15/13)--Credit Union National Association President/CEO Bill Cheney, in a 45-minute speech covering top credit unions issues, told attendees at the 50th annual conference of the Defense Credit Union Council that the only thing that equaled the shock of a recent court decision to vacate the Federal Reserve's debit interchange fee cap was the emphatic nature of the judge's decision that the rule--which has been in effect since October 2011--is, in essence, null and void.

Cheney was speaking in advance of the Wednesday U.S. District Court for the District of Columbia scheduling briefing for future proceedings in the interchange case. (See related story: Judge Fierce On Fed Interchange Rule.)

Cheney noted that the judge's decision to stay his own order to vacate the rule seems to reflect a realization by the court of the chaos that could ensure if no rule is in place.

But, Cheney underscored, the judge made it clear that the Fed has "months, not years" to determine new rules.

"The decision does not immediately impact interchange regulations," Cheney reminded, "but all debit card issuers, regardless of size, will be affected by the decision and the Durbin regulation with regard to routing and exclusivity provisions." Card issuers with less than $10 billion in assets remain exempt from a debit interchange cap.

As the situation continues to unfold, CUNA is working with a broad coalition of finance industry representatives to chart response strategy. CUNA also is in contact with Federal Reserve staff to detail the negative impact of the ruling on credit unions and other small card issuers as that agency considers its own course in response the court's July 31 decision.


RSS





print
News Now LiveWire
CUNA: CUNA offices closed through Friday, News Now returns Monday http://t.co/a5xbLzQKDj
12 24 ago
Reminder: @CUNA's Madison, D.C. offices will be closed through Friday, open again on Monday. #NewsNow will publish Monday.
12 23 ago
MI dentist to match @CUDirect's $20K to @HurleyMedical as a result of #20for20 online voting http://t.co/hqmIc9LpK1 @CMNHospitals
12 23 ago
New #creditunion chartered in St. Louis - #LutheranFCU - by @TheNCUA http://t.co/faPfANGS0P. Only 3rd new FCU charter this year.
12 23 ago
Don't get hacked during the holidays-use these tips from @CUNA http://t.co/jEqxni6NhO #StoptheDataBreaches http://t.co/woIxPOIyys
12 23 ago