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News Now

CU System
Mich. Senate boards delay debit interchange train
LANSING, Mich. (2/16/11)--The Michigan State Senate Monday approved a resolution backing a delay in implementation of the Federal Reserve's proposed interchange regulation. The state House approved the resolution last week. "We appreciate the strong message sent by the Michigan state Legislature on this very bad debit interchange legislation," said Michigan Credit Union League CEO David Adams. "In an economy like Michigan's we can ill afford any regulation that so severely restricts income for lenders." The U.S. House Financial Institutions and Consumer Credit Subcommittee has scheduled a hearing Thursday on interchange issues. The Credit Union National Association has urged the Fed to take time to study the new interchange law to consider all related costs and set a reasonable interchange rate to avoid unintended consequences on credit unions' debit card programs.


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