LAS VEGAS — The debit card interchange cap mandated by the DoddFrank Act's Durbin Amendmentwill cost the $11.5 billion BECUbetween $35 million and $45 million in 2014, a BECU executivesaid.
The 826,000-member, Tukwila, Wash.-based institution becamesubjected to the cap in the third quarter of 2012, its assetsexceeded $10 billion. Debit card issuers with less than $10 billionin assets are exempt from the cap.
Speaking as part of a panel at the American Credit UnionMortgage Association 2013 Annual Conference, BECU Vice President ofTreasury Mike Quamma said his credit union's drop in interchangeincome is so significant, the credit union must consider it whenpricing mortgages and other loan products.
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