Removing Barriers Blog

CUNA and Trades request Fed extend comment deadline
Posted June 02, 2021 by CUNA Advocacy

CUNA and other organizations requested the Federal Reserve extend the comment deadline on a proposal that could increase costs and complexity for debit card routing requirements. Comments are currently due July 12, CUNA requested a 30-day extension.

The proposed rule would require debit card issuers to offer two unaffiliated networks which must also be capable of processing transactions under a new framework of expectations surrounding merchant type, transaction and location. Currently credit unions can comply with regulations by issuing debit cards carrying a signature network and an unaffiliated network.

CUNA previously shared concerns about this proposal in a letter to the Senate Banking.