Press

CUNA statement on interchange appeals process

WASHINGTON DC (September 20, 2013) — The Credit Union National Association (CUNA) President and CEO Bill Cheney issued a statement following news that the existing Federal Reserve rules implementing the interchange fee cap and network exclusivity provisions required by the Durbin Amendment will stay in place throughout an appeals process as the Fed seeks to overturn a July court ruling that declared those rules illegal.

“CUNA is relieved that there is an order in place that will provide certainty for now. For credit unions, keeping the existing rules in place pending the appeal limits potentially needless compliance obligations, given the Fed’s existing rules could ultimately be upheld.

“While many believe that lowering these caps will help consumers, there is simply no evidence that’s true.  Studies have shown merchants aren’t passing on the money they are saving under the Fed’s rule to consumers.  The Fed’s rule is a multi-billion dollar windfall for merchants, plain and simple.

“CUNA looks forward to telling this important story as it advocates for 97 million credit union members before the D.C. Circuit.”

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