Interchange Fee Standards Published

On July 12, 2011, the Federal Reserve Board published lists of institutions that are subject to, and exempt from, the debit card interchange fee standards in Regulation II, which implements provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

These lists, available on the Board’s website, are intended to help payment card networks and others determine which issuers qualify for the statutory exemption from interchange fee standards. The statute exempts any debit card issuer that, together with its affiliates, has assets of less than $10 billion. So far, only three natural person credit unions, State Employees Credit Union (North Carolina), Navy Federal Credit Union (Virginia), and Pentagon Federal Credit Union (Virginia) are subject to these rules. All credit unions headquartered in Oregon or Washington are exempt from the interchange fee standards.

The interchange fee standards become effective on October 1, 2011. The Board plans to update the lists annually.

 

Questions? Contact the Compliance Hotline: 1.800.546.4465, compliance@nwcua.org.

Posted in Federal.