CUNA statement on Interchange Hearing

Comment from CUNA General Counsel and EVP Eric Richard
On appeals court hearing today on Fed interchange rules

“We are very encouraged by today’s hearing, as it shows that the court will be taking a hard look at U.S. District Court Judge Richard Leon’s decision striking down the Federal Reserve’s interchange rules.  We are optimistic that this will result in more costs being taken into account in the setting of interchange fees than Judge Leon’s decision would allow.  The interest of credit unions and other financial institutions was well represented, but nothing is certain until the court actually issues its opinion.  Even after that, depending on exactly what the court says, there may still be much work to be done.   The stakes are very high, particularly at a time when many are relying on interchange revenues to cover the costs associated with data breaches at big box retailers.”

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