Tuesday, August 23, 2011 11:01:00 AM
WASHINGTON - Visa representatives, teaming up with CUNA on a call to credit unions on Friday, reiterated the card processor's support for two separate debit interchange fee structures for exempt and non-exempt products and institutions when new regulations take effect later this year. Visa said that its specific debit interchange rates for institutions with under $10 billion in assets would be released soon.
A similar call was held with MasterCard on Wednesday.
Visa has established its own debit interchange registration system for its member institutions, and has notified member institutions of their status through letters. Visa is basing its list on the Fed's list of exempt/non-exempt entities.
All member institutions should have been contacted by now, and Visa said that any institutions that need to correct their exemption status or add their entity to the exemption database should contact Visa. Institutions that are exempt, and whose status was correctly reflected in Visa's letter, do not need to take further action in response to Visa's letter.
Visa praised credit unions for their involvement in the debit interchange debate, and said that they would work with CUNA to address any additional legislative interchange fee developments.
CUNA will continue to press the networks to ensure separate rate structures are maintained and pledged to help ensure merchants do not illegally steer transactions. CUNA will be providing information to credit unions soon about a new Web site they can use to report concerns about illegal steering activities.