Monday, August 15, 2011 10:18:00 AM
WASHINGTON - MasterCard's plans for a two-tiered debit interchange fee rate structure, how that rate structure will impact credit unions, and the anticipated time table for implementation will be covered during a CUNA audio conference call scheduled for Wednesday, August 17.
The hour-long call will be free for CUNA members and is scheduled to begin at 2 p.m. ET. A Q&A session will follow the prepared portion of the presentation. CUNA members will be able to register for the call beginning later today.
CUNA Chief Economist Bill Hampel, CUNA Deputy General Counsel Mary Dunn, and MasterCard Global Head of Public Policy Shawn Miles will lead the call.
CUNA President/CEO Bill Cheney noted that "credit unions offering debit cards to their members have many questions in the wake of the Federal Reserve Board's final rule on debit interchange," and thanked MasterCard for working with CUNA on the audio conference.
Plans to conduct a similar call with VISA representatives are in the works.
The Fed's final rule caps debit interchange fees for issuers with assets of $10 billion or more at 21 cents, and allows an additional five basis points per transaction to be charged to cover fraud losses. An extra penny may be charged by financial institutions that are in compliance with Fed-established fraud prevention standards.
For more information, contact Elaine Rowley at firstname.lastname@example.org.