America’s Credit Unions is calling on credit unions to complete a survey on the Federal Reserve’s interchange proposal before the survey closes Friday. Unique survey links were sent to members Dec. 19 with the subject line, “Make your voice heard.”
The Federal Reserve issued the proposal in November that would make several changes to the debit interchange fee cap calculation by:
- Reducing all three components of the interchange fee cap; and
- Codifying a process for updating all three components of the interchange fee cap every other year using data from the Board’s biennial survey of large debit card issuers, without public comment.
America’s Credit Unions strongly opposes the proposed changes to the debit card interchange system, and the data collected through the survey is vital to illustrate the real-world harm the proposal will cause credit unions, members, and consumers overall.