FOR IMMEDIATE RELEASE
Overturning of Lower Court Ruling on Debit Interchange Case
21, 2014) - National Association of Federal Credit Unions (NAFCU)
released the following statement today in support of the appeals court decision
to overturn the district court’s decision regarding the Federal Reserve Board’s
pleased with the appeals court’s decision as it mitigates the harm that would
have been done by the district court ruling. We still believe that the Fed’s
rule is flawed,” said Carrie Hunt, NAFCU’s senior vice president of government
affairs and general counsel. “NAFCU will continue to advocate for credit
unions’ interests and abilities to receive income on card services and recover
costs incurred in transactions.”
Federal Reserve interchange rule imposes below-cost caps on interchange fees
and fails to provide for a reasonable return.
The federal appeals
court, however, did remand one issue in its decision: The Federal Reserve
Board’s treatment of transactions-monitoring costs. The court asked the Board
for further explanation. NAFCU will continue to advocate credit union interests
as they relate to the transaction monitoring costs.
court last year said the interchange rule was invalid under the Dodd-Frank Act
but stayed that decision pending appeal. NAFCU and amici supported the appeal.
Association of Federal Credit Unions is the only national organization that
focuses exclusively on federal issues affecting credit unions, representing its
members before the federal government and the public.
Contact: Patty Briotta | 703-842-2820 | email@example.com