NAFCU survey seeks response to key CU issues
Aug. 20, 2013 – The 2013 Annual Report on Credit Unions survey is open and NAFCU is asking credit union leaders to submit responses on key issues, including interchange, by Sept. 16.
“We encourage all NAFCU members to fill out this survey,” said NAFCU Senior Economist Curt Long. “As issues like debit card interchange and housing finance reform are being discussed and altered in the courts and Congress, this survey is an invaluable tool to help us better serve our members and prepare to defend their future safety and soundness.”
This year’s survey focuses on lending standards, housing government-sponsored enterprises, qualified mortgage requirements, remittance transfer requirements under Regulation E and debit card interchange fees.
The NAFCU Annual Report on Credit Unions survey asks specifically how much debit card interchange and fees contribute to a credit unions’ noninterest income. Following Judge Richard Leon’s July 31 opinion declaring the Fed’s current debit interchange rule invalid, the financial industry can likely expect to see a marked reduction in the fee cap applied to card issuers with $10 billion or more in assets; and requirements that all debit-card issuers and their networks make two methods of authentication available for each signature and PIN transaction.
The survey also solicits input on member credit unions’ use of the Federal Reserve’s services for financial institutions.
All survey responses are due Sept. 16. Members can complete the survey online, or they may print, complete and mail it back to NAFCU.
2013 NAFCU Annual Report on Credit Unions
NAFCU interchange fees issue page