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A report commissioned by CUNA and the American Association of Credit Union Leagues (AACUL) to study the impact of the 2010 Dodd-Frank Act's Durbin Amendment was published Monday and found continued negative impacts of the interchange legislation on small businesses and consumers, stating that it has led to "unintended consequences" for credit unions and other financial organizations.
The report "The True Impact of Interchange Regulation: How Government Price Controls Increase Consumer Costs and Reduce Security" was published by Cornerstone Advisors. In the 42-page report, Cornerstone Advisors took a look at the debit card routing mandates and debit interchange price caps instituted by the Durbin Amendment more than a decade ago.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
