Debit interchange restrictions loom
Published by: Sean Brown
January 24, 2024 | Regulatory
Cards, compliance, and cybersecurity all have a cost, and restricting the primary means of supporting a strong, safe, and reliable card network will only hurt your members. That is why the League recently teamed with the trade associations representing almost every financial institution in the Federal Reserve’s Fourth District to urge opposition to the Federal Reserve’s recently proposed debit interchange rule. The League continues to push back against this misguided rule; however, we need your help. As the deadline to comment approaches, your credit union should consider what a 30 percent reduction in interchange could mean for your ability to offer services to your members.
The League is currently engaging with several credit unions and America’s Credit Unions to gather data demonstrating this rule’s true impact. Additionally, be on the lookout for ways your credit union could support the League’s effort in opposing this rule. All comments on the proposal are due no later than Feb. 12, 2024.
Contact Sean Brown for questions or assistance.