Credit union trade associations are disputing the results of a Federal Reserve report that found debit interchange income hasn't decreased for institutions with fewer than $10 billion in assets since the Durbin amendment exempted them from caps mandated by the Dodd-Frank Act.
The Fed said Thursday in a release that data it collected from payment card networks reveal that all of the networks provided a higher average interchange fee to exempt issuers than non-exempt issuers in 2012.
The average interchange fee per signature debit transaction for exempt issuers was slightly more than double that for non-exempt issuers. The average interchange fee per PIN debit transaction for exempt issuers was 1.3 times greater than that for non-exempt issuers. Exempt issuers received $7.4 billion in total debit card interchange revenue in 2012, compared with approximately $5.3 billion in debit card interchange revenue in 2009.
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