Top Stories

NCUL Compliance Conference - Register Now!
We promise not to scare you!!
October 12-13
Embassy Suites - LaVista



CUNA recently posted a detailed summary of the new interchange statutory provisions. The summary focuses on provisions of the law, as well as concerns regarding the law and its implementation. The new interchange regulations, which are still in development, are the result of legislation included in the recently enacted comprehensive financial regulatory reforms. The interchange law directs the Federal Reserve Board to write rules on interchange fees for debit card purchases.  Though the new interchange law amends the existing Electronic Fund Transfer (EFT) Act by adding a new section, the interchange regulations will be implemented by the Federal Reserve, not the new Consumer Financial Protection Bureau, which will implement other laws, including other provisions of the EFT Act.  The Federal Reserve will be required to consult with the NCUA and other financial regulators, including the new Consumer Financial Protection Bureau, as it crafts the interchange regulations.