Larger credit unions will bear more of the costs on limits on interchange fees than the NCUA estimates, the heads of CUNA and NAFCU said in response to a letter that NCUA Chairman Debbie Matz wrote to Federal Reserve Chairman Ben Bernanke.
CUNA President/CEO Bill Cheney said Wednesday that his group finds NCUA's "estimates of debit card transaction costs for larger issuers to be incredibly understated. First, as was the case with the Fed's previous costs study at large issuers, internal and/or indirect costs such as labor, equipment, overhead and fraud prevention are not included,'' he said in a statement.
NAFCU President/CEO Fred Becker wrote Matz that "during the survey process, one of our members informed us that they did not believe NCUA was asking the right questions to correctly determine the cost of interchange.''
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
