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CUNA, NAFCU Say Durbin Decision Will Hurt CUs

Wednesday, July 31, 2013 - 7:15 PM
From Credit Union Times:
Overturning the Federal Reserve's cap on debit interchange for large debit issuers will hurt credit unions, the industry's two largest trade associations said Wednesday after a federal judge threw out the cap.

CUNA and NAFCU also signaled they may take the decision to an appeals court.

The regulations to implement the Durbin Amendment to the Dodd-Frank financial reform law set the cap at 21 cents per debit transaction for issuers with more than $10 billion in assets but ostensibly carved out an exception for issuers with fewer assets.

There are only four credit unions that large: BECU, Navy Federal, PenFed and North Carolina’s SECU.

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