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WASHINGTON –  The National Association of Federally-Insured Credit Unions (NAFCU) President and CEO Dan Berger issued the following statement in response to the Federal Reserve's final rule on Regulation II. 

"The Fed’s final rule on Regulation II fails smaller financial institutions, the credit union industry at-large and ultimately consumers," said NAFCU President and CEO Dan Berger. "The Fed’s rule mandating debit card issuers to enable at least two payment networks for debit transactions will force small issuers to allow transactions over riskier networks, increasing fraud costs for our nation’s community financial institutions.

"NAFCU and its member credit unions have seen little good come out of Reg II or the Dodd-Frank Act for that matter – including the failed Durbin Amendment. Imposing this final rule would increase implementation and fraud costs for smaller financial institutions, on top of everything else they’re battling with inflation, all for the benefit of big box stores and big online retailers such as Amazon." added Berger.

"NAFCU and our members will continue to engage the Fed and Congress to underscore the negative impacts of this rule."

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The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go to www.nafcu.org or @NAFCU on Twitter.